In 2024, the global shipbuilding industry reached its highest peak in 17 years. According to Clarksons Research, global shipyards secured 2,412 new ship orders, totaling 170 million DWT and 65.81 million CGT—a remarkable 33.77% year-on-year growth in CGT orders.
China Dominates the Global Shipbuilding Area:
7 out of the Top 10 Shipbuilders are Chinese companies.
South Korea holds 3 spots, but China leads the top 4 positions.
New Times Shipbuilding ranks #1 globally with 4.63 million CGT, holding a 7.03% market share, a staggering 276.72% growth compared to last year. This private shipbuilder from Jiangsu plans a ¥5 billion investment to expand its capacity.
Hudong-Zhonghua follows closely, with a record-breaking 24 ultra-large LNG carriers ordered by QatarEnergy, driving its 2,272.74% YoY growth.
China's Unstoppable Growth:
Total new orders in 2024: 46.45 million CGT.
Global market share: Over 70%, maintaining the top spot for four consecutive years.
In contrast, South Korea secured 10.98 million CGT, accounting for 16.68% of the global share.
Why China Leads:
Competitive edge in raw material costs, labor resources, supply chain, and market scale.
Strong capability to absorb demand shifts from South Korean shipbuilders.
High ship export volumes, with exports valued at $33.11 billion in the first three quarters of 2024.
Data：Clarksons Research
China Dominates the Global Shipbuilding Area:
7 out of the Top 10 Shipbuilders are Chinese companies.
South Korea holds 3 spots, but China leads the top 4 positions.
New Times Shipbuilding ranks #1 globally with 4.63 million CGT, holding a 7.03% market share, a staggering 276.72% growth compared to last year. This private shipbuilder from Jiangsu plans a ¥5 billion investment to expand its capacity.
Hudong-Zhonghua follows closely, with a record-breaking 24 ultra-large LNG carriers ordered by QatarEnergy, driving its 2,272.74% YoY growth.
China's Unstoppable Growth:
Total new orders in 2024: 46.45 million CGT.
Global market share: Over 70%, maintaining the top spot for four consecutive years.
In contrast, South Korea secured 10.98 million CGT, accounting for 16.68% of the global share.
Why China Leads:
Competitive edge in raw material costs, labor resources, supply chain, and market scale.
Strong capability to absorb demand shifts from South Korean shipbuilders.
High ship export volumes, with exports valued at $33.11 billion in the first three quarters of 2024.
Data：Clarksons Research
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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