Clarksons data shows that in 2024, global shipyards received a total of 2,412 new ship orders with a total volume of 65.81 million compensated gross tonnage (CGT), an increase of 34% from 2023, reaching the highest level since 2007 (94 million CGT).
Chinese shipyards received orders of 46.45 million CGT (1,711 ships) throughout the year, accounting for 70% of the market share. South Korean shipyards received orders of 10.98 million CGT (250 ships), accounting for only 17% of the market share. Orders from other countries and regions such as Japan amounted to 8.38 million CGT (451 ships), accounting for 13% of the total.
Chinese shipyards continue to “dominate” the shipbuilding industry. In terms of CGT, seven of the top ten single shipyards (non-shipbuilding groups) in the world in terms of orders received last year were in China, and the remaining three were in South Korea. Chinese private shipyards shined, with three of the top ten being Chinese private shipyards, and all ranked in the top four.
According to Clarksons data, the top ten shipyards in terms of orders in 2024 are as follows:
New Times Shipbuilding, a private enterprise, tops the list with 106 ships and 4.63 million CGT. The main products of New Times Shipbuilding are large and medium-sized bulk carriers, tankers, container ships and all kinds of chemical ships, with 500,000-ton, 300,000-ton and 100,000-ton dry docks. New Times Shipbuilding is investing RMB 5 billion to expand its production capacity and will build a new 700-meter-long dock. Upon completion, New Times Shipbuilding will have four dry docks.
Hudong-Zhonghua Shipbuilding, a subsidiary of China State Shipbuilding Corporation (CSSC), is ranked second, with a new order quantity of 51 ships and 4.17 million CGT in 2024. Last year, Hudong-Zhonghua and QatarEnergy signed a contract for a total of 24 of the world’s largest 271,000 m³ ultra-large LNG carriers, setting a record for the highest amount of a single new ship order in the world. Up to now, Hudong-Zhonghua holds orders for nearly 60 LNG carriers, accounting for more than 20% of the global market.
New Yangzi Shipbuilding, a subsidiary of Yangzijiang Shipbuilding, ranked third with an order book of 84 ships and 3.428 million CGT. Yangzijiang Shipbuilding is the largest private shipbuilding enterprise in China, with three major shipyards, namely, New Yangzi Shipbuilding, Yangzi Xinfu Shipbuilding and Yangzi Mitsui Shipbuilding, and an annual shipbuilding capacity of 6 million DWT.
The newly emerging private shipbuilding enterprises Hengli Heavy Industry has emerged as a dark horse, ranking fourth on the list with 56 orders and 2.68 million CGT. Hengli Heavy Industry was established just over two years ago, formerly known as STX (Dalian) shipbuilding. Hengli Heavy Industry is currently one or two projects have been put into production, the annual amount of steel processing up to 2.3 million tons, the annual production of engines up to 180 units.
Throughout 2024, Chinese shipyards have continued to build on their strengths, further consolidating their leading position in the global shipbuilding sector.
According to the China Association of the Shipbuilding Industry, in 2024, China’s shipbuilding completion volume, new orders and hand-held orders accounted for 55.7%, 74.1% and 63.1% of the global total in terms of DWT, and 50.3%, 68.2% and 55.4% in terms of CGT, respectively.
In 2024, export ships accounted for 87.4%, 91.5% and 93.1% of China’s shipbuilding completion, new orders and hand-held orders. China’s ship exports amounted to US$43.38 billion.