CANSI: China's Jan-Nov new vessel orders surge 64% YoY

"The (shipbuilding) industry sustained sound momentum of development," CANSI remarked in a statement.

For November alone, China's shipyards won new orders equivalent to 3.79 million DWT, up 1.9% on month, the CANSI statistics showed.

The considerable volume of orders secured by the Chinese shipyards during the past 11 months also led their backlog to rise by 29.4% on year to 134.09 million DWT by the end of November. Here again, almost all orders are for export, the CANSI data showed.

Meanwhile, Chinese shipbuilders completed vessels equivalent to 38.09 million DWT over January-November, higher by 12.3% on year, among which 84% were for export, according to the Association. Last month, the tonnage completed amounted to 3.52 million DWT, down 7.9% on month.

Globally over January-November, China's shipbuilders saw their share of total new orders, order backlog and completed vessels account for 65.9%, 53.4% and 50.1% of the global market share respectively, according to the release.

Meanwhile, the 74 major shipbuilding enterprises nationwide under CANSI's tracking saw their business revenue surge 29.9% on year over January-November to total Yuan 372.4 billion ($52 billion), and their profits jump by 141% during the same period to Yuan 16.5 billion.

CANSI also noted that enterprise concentration in the domestic shipbuilding sector remained high, as the country's top ten shipbuilders won 60.5% of all the new orders secured in China in the past 11 months.

Written by Rong Zhang, zhangronga@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com