China maintains steep shipbuilding growth

China's shipbuilding industry has experienced robust growth over the past year, according to a report by market analyst ResearchInChina.
Man at work in Chinese shipbuilding yard
Man at work in Chinese shipbuilding yard

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China's shipbuilding industry has experienced robust growth over the past year, according to a report by market analyst ResearchInChina.

The publication, titled Shipbuilding & Repairing Industry Report 2007-2008, states that new orders reached 64.34 million DWT in the first three quarters of 2007, marking an increase of 120% compared to 2006. In addition, China has a global market share of 20.1% in shipbuilding output, 38.7% in new shipbuilding orders and 29.5% in handheld shipbuilding orders.

“Taking into account a number of different factors, it seems the shipbuilding market will continue to prosper, supported by rapid growth in the sea freight sector,” said report author Liao Yan.

“Driven by the strong demand for iron ore and coal, the global bulk cargo market has advanced at a steady pace, with the Baltic Dry Index (BDI) breaking records. This, supported by the decline in the oil tanker market, means the bulk cargo market will play a role in prosperity within the shipbuilding industry.”

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