China’s vessel exports rose 38.5% year on year (y/y) to USD6.1 billion in the first two months of 2015, says China National Association of Shipbuilding Industry (CANSI).
Since the new orders placed at Chinese shipyards have been tumbling since late 2014, the export figures may go down later this year. Bulk carriers, tankers, and container ships accounted for 53.1% of the total exports in the first two months.
According to the statistics exports of floating or semi-submersible drilling rigs and production platforms totaled USD920 million, accounting for 15% of total vessel exports.
However, over the last two years, the number of Chinese shipyards has dropped from about 3,000 in 2012 to about 1,600.
According to CANSI the country has some 1,647 yards which had some US$3 billion worth of orders on their books in the first half of 2013, about two thirds of the total for the previous year, but some analysts expect more than 30% of these yards could close over the next few years.
Low cost labour, a global economic boom and a shipbuilding boom to match in the early part of the 21st century combined to encourage the development of a highly fragmented, inefficient and, in parts, antiquated shipbuilding industry.