China’s Unrivaled Rise as Global Shipbuilding Leader in 2024

China has solidified its position as the undisputed leader in global shipbuilding. According to the latest analysis by BRS Group, Chinese shipyards captured 70% of global newbuilding orders in 2023, measured in compensated gross tonnage (CGT). With production capacity expanding by 200 ships annually, China now boasts seven of the world’s top ten shipyards.

📈 Explosive Growth in Shipbuilding Capacity & Backlog

China’s shipbuilding industry is scaling rapidly:

• Total Capacity: Projected to reach 47.8 million DWT in 2024 — a 12% year-on-year increase.
• Backlog Ratio: Surged to a record 5.5, up from 3.2 in 2022 and 3.8 in 2023.
• Availability: Most Chinese shipyards are fully booked until 2028, reflecting overwhelming demand.

🚢 Leadership Across Vessel Types

In 2024, China leads global orders for:

• Bulk carriers
• Tankers
• Containerships

The only exception is LNG carriers, where South Korea still holds a lead — though analysts now question how long that dominance will last.

🌍 China: A Maritime Export Powerhouse

China’s shipbuilding industry is heavily export-driven:

• 87.4% of ships built in 2024 were for foreign clients.
• Exports accounted for:
  • 91.5% of new orders
  • 93.1% of the backlog
• Export Value: Ship exports totaled $43.38 billion USD.

🏭 Top Chinese Shipbuilding Groups

The top five Chinese shipbuilding groups received:

• 179.9 million DWT in new orders
• 69% of domestic orders
• 46.5% of global market share (up from 33% in 2023)

Industry Leader: CSSC (China State Shipbuilding Corporation)

• 34.2% of domestic orders
• 23% of global orders
• 48.2 million DWT in new orders — 3.2x more than South Korea’s HD Hyundai

🔝 Top Shipyards in 2024 (by CGT)