In China, Guancha reports China captured 74.7% of new global ship orders in 2024—totaling 87 million deadweight tons—according to official data from China’s Ministry of Industry and Information Technology. According to the report, behind the figures lies a deeper transformation: an industrial system built on consolidation, cost control, and local supply chains that increasingly outpace rivals.
Led by state-owned giant CSSC, Chinese yards have vertically integrated operations from design to delivery, while clustering suppliers in shipbuilding hubs like Jiangsu’s Jingjiang. There, parts makers such as Yaxing Anchor Chain and Haihong Plastics now feed directly into leading yards like Yangzijiang and New Times Shipbuilding, which together account for more than a fifth of China’s order backlog.
This networked model drives efficiency. “China’s procurement costs are 50% lower than Korea’s,” noted analysts, citing domestic steel, electronics, and components that reduce reliance on imports. In 2024, China produced 70% of global green vessel orders—including LNG dual-fuel, methanol, and hybrid ships—and broke into LNG carrier and cruise ship segments long dominated by Korea.
While South Korean yards continue to lead in select high-value segments, their higher labor costs and fragmented supplier networks have slowed production. China’s shipbuilding rise reflects not just scale, but systemic industrial alignment built over more than a decade.
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Category: Sustainable Marine Fuels
