China secures 70% of global green ship orders in first three quarters of 2024: report

Major indexes of China's shipbuilding industry have risen steadily in the first three quarters this year, data released by the Ministry of Industry and Information Technology (MIIT) showed on Thursday. China captured more than 70 percent of global green ship orders in the first three quarters, according to China Central Television Station (CCTV).

Data shows from January to September, China completed 36.34 million deadweight tons (DWT) in shipbuilding, an 18.2 percent increase year-on-year, while securing 87.11 million DWT in new orders, up 51.9 percent. By the end of September, the total orders on hand reached 193.3 million DWT, a 44.3 percent rise.

During this period, China accounted for 55.1 percent of global ship completions, 74.7 percent of new orders, and 61.4 percent of global holding orders, according to the MIIT.

China captured more than 70 percent of global green ship orders in the first three quarters, covering all major vessel types. Eco-friendly technology, high-value ships, and proprietary innovations have become a key trend in the country's shipbuilding sector, the CCTV reported.

China took the lead globally in new orders for 14 out of 18 major shipbuilding-related types, with shipyards exceeding their annual targets ahead of schedule amid rapidly growing market demand, according to CCTV.

"In the first three quarters of 2024, we received 40 billion yuan ($5.5 billion) in civilian orders, the highest in our history. With the current tech-driven market boom, we are highly optimistic about the future," said Lin Qingshan, deputy general manager of Jiangnan Shipyard Co.

Experts highlight that China's shipbuilding industry has performed exceptionally well this year.

"This success is attributed to China's strong capabilities and the country's rapid advancements in shipbuilding technology, especially in high-tech and green shipbuilding, in which China now leads the world," Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Thursday.

Bian noted that another key factor is China's extensive and well-established supply chain, which supports the industry by ensuring timely deliveries and reducing costs.

"This has significantly boosted the international competitiveness of China's shipbuilders," he said.

"Trade protectionism has weakened global shipbuilding industries, while China's strong industrial ecosystem and manufacturing capabilities have boosted its position, driving a surge in international orders for Chinese-made ships," Bian added.