Pioneering the Maritime Industry
With a remarkable 21% year-on-year increase in the value of their ship exports to $8.86 billion from January to May, China is riding the waves of global demand. According to the China Association of National Shipbuilding Industry, orders surged by 50% over the period, giving the country a dominating 67% world share. These orders encompass container ships, bulk carriers, LNG carriers, vehicle carriers, and offshore vessels. Analysts have partially attributed the growth in orders to shipowners striving to meet decarbonization goals.
Innovative Vessels and Notable Orders
One standout accomplishment is the Guangzhou Shipyard International’s (GSI) delivery of a luxury roro to Moby Lines in April. A subsidiary of CSSC, the world’s largest shipbuilder by production volume, GSI boasts the 237-meter vessel as the largest luxury roro passenger ship in the world. Moreover, the shipyard has obtained orders from Eastern Pacific Shipping for two 111,000-ton LNG dual-fuel LR2 oil tankers, with an option for an additional two.
Groundbreaking Achievements and Record Orders
CSSC has also made groundbreaking achievements in the past two years, delivering the world’s first LNG dual-fuel Newcastlemax bulk carrier and the world’s first LNG dual-fuel Suez tanker to Eastern Pacific Shipping (EPS). Yangzijiang Shipbuilding and its subsidiaries have recently announced new orders for 37 vessels to be delivered between 2025 and 2027. The group’s year-to-date orders for 69 vessels, valued at approximately $5.6 billion, have already exceeded its 2023 target of $3.0 billion.
The Path to Greener Shipping
As China continues to outpace global shipbuilding competitors, the industry wrestles with meeting sustainability and environmental targets. The increasing demand for cleaner vessels demonstrates a commitment by shipowners to invest in low-emission, environmentally friendly ships as they navigate decarbonization goals. China’s shipbuilding industry is poised to lead the way in this essential transition, as it pioneers new technologies and innovative designs to enhance the performance of large-scale commercial vessels.
