China's Shipbuilding Sector Rises, New Times Shipbuilding Awaits Approval

surge in newbuilding orders from 52.9 million dwt to 78.8 million dwt in the past year, as per BRS data. This surge propelled China's orderbook from approximately 123 million dwt to around 161 million dwt, elevating its market share from 50.6% to 58.1%. Following capacity reductions, various Chinese shipyards have initiated efforts to resume operations. Notably, Hengli Heavy Industries Group resumed activities at STX Dalian's former assets in January 2023. Wuhu Shipyard took over Samjin Shipbuilding Industry's facilities in August 2023, while Kouan Shipyard is undergoing restructuring. Additionally, new entrants like Jiangxi New Jiangzhou Shipbuilding Industry and Fujian Guanhai Shipbuilding, under Fujian's Jinshenglan Group, are operating. Quanzhou Shipyard, undergoing bankruptcy in 2019, has been revitalized with local government support.