Chinese shipyards secures 75% of global new orders, dominating 2024

Posted on October 15, 2024   |  

Chinese shipyards dominated new orders in the first 9 months of 2024, enhancing their global leadership and raising concerns among trade groups in the U.S. and Canada.

They secured nearly 75% of all orders in 2024, totaling 87.11 million dwt, a 52% increase from 2023.

Chinese companies now account for 61.4% of global newbuilding orders, which is 193.3 million dwt, as they continue to expand their shipbuilding output.

China leads in 14 out of 18 major shipbuilding project types, with many yards exceeding their yearly goals.

Major Chinese shipbuilders are increasing their capacity, resulting in an 18% boost in output in the first nine months of 2024, with completions reaching 36.34 million dwt.

South Korean shipyards captured only 12% of the orders during this period, with total order volume down 25% compared to last year; 90 ships were contracted, 65 to China and 14 to South Korea.

China secured contracts for 2.48 million CGT, while South Korea got only 340,000 CGT.

China holds 55% of the global shipbuilding backlog, with South Korea at 26% and Japan far behind. 

The U.S. Trade Office is examining a complaint from unions about China's unfair trade practices, urging tariffs on Chinese-built ships, which Canadian groups are also supporting with a call for a 100% tariff.