China recorded a growth in new ship orders, orders in hand, and the number of ships built in the first half of 2021.
According to the China Association of National Shipbuilding Industry (CANSI), in the first half of 2021, Chinese shipbuilders received new ship orders of 38.24mn Deadweight Tons (DWT), up by 206.8pc over the same period the prior year.
In the first half of 2020, the Chinese shipping and steel industry was struggling with the COVID-19 pandemic, and shipping lines hesitated to book new vessels. Order volume was recorded at 12.5mn DWT in January-June 2020.
In Jan-June 2021, shipbuilding output was 20.92mn DWT an increase of 19pc from the prior-year period.
CSSC company maintained the top spot securing more than half of the total tonnages. Yards operational under the CSSC received orders for 232 vessels, totaling 18.39mn DWT in H1 2021. CSSC has already surpassed its annual order target in the first half of the year, indicating a strong steel demand recovery in China to follow in the second half.