China’s combined orderbook for merchant ships has grown by a remarkable 170% this decade, stretching its lead over its nearest shipbuilding rivals dramatically.
Data from Greek broker Intermodal and Clarksons Research show how the 2020s – and 2024 in particular – have been banner years for Chinese shipyard ambitions, coming to dominate a sector like no other nation has been able to for generations.
“Through government support and public investments to its national shipbuilding ecosystem, China emerged as a market leader, commanding currently nearly 65% of global shipbuilding orders, an impressive rise considering the less than 10% share in 2000,” notes a new report from Intermodal.
Meanwhile, the combined orderbook share of Japan and South Korea has declined from 78% to 31% over the same period.
As of November 2024, the Chinese shipbuilding orderbook counts 3,256 vessels of 224m dwt total carrying capacity, marking a 37% increase from 2023 and a 72% rise from 2022, with the global orderbook increasing by 21% since 2023, according to data from Intermodal.