China's ship building sector sees spurt in new orders in Jan-Aug'21

China's ship building industry has seen a sharp y-o-y growth in manufacturing of ships in the first eight months (Jan-Aug) of CY'21, according to data released by the China Shipbuilding Industry Association.

Highlights:

China's shipbuilding industry completed manufacturing of around 26.26 million deadweight tonnes (mn dwt) of ships in Jan-Aug'21, an increase of 9% y-o-y.

The number of freshly accepted orders in this period stands at 49.11 mn dwt, a humongous increase by 227.2% y-o-y.

Ship orders in hand increased by 26% y-o-y to 91.47 mn dwt at the end of Aug'21. These recorded a growth of 28.6% compared to orders in hand recorded at the end of CY'20.

In Jan-Aug'21, the Chinese shipbuilding industry completed manufacturing of 24.65 mn dwt of export ships, up 10.9% y-o-y. At the end of Aug, export orders of 81.04 mn dwt were received, an increase of 21.1% y-o-y.

About 50 key shipbuilding companies have completed 25.69 mn dwt of shipbuilding, a y-o-y growth of 7.8% in the period under review, China Shipbuilding Industry Association data showed. The newly accepted orders for ships in this period stood at 47.74 mn dwt, a huge 222.3% increase y-o-y.

In Jan-Aug'21, 50 key surveyed shipbuilding companies completed manufacturing of 24.62 mn dwt of export ships, a 10% increase y-o-y. During this period, 15 key ship repair companies completed repairing of 2,164 ships, a slight 1.9% growth y-o-y.

Profits of shipbuilding industry up 15% y-o-y

According to data from the China Shipbuilding Industry Association, in Jan-Aug'21, the total revenues of 75 key surveyed shipbuilding companies was recorded at RMB 193.2 billion ($30.03 billion), up 14.3% y-o-y with profits at RMB 990 million ($153.9 million), up 14.7% y-o-y. Total industrial output value by these companies stood at RMB 251.1 billion ($39.04 billion), up 12.3% y-o-y in Jan-Aug'21.