China's shipbuilding output now represents 52% of the global market share, according to data released by China’s Ministry of Industry and Information Technology, with the country’s holding orders at the end of November topping out at 134 million deadweight tons (dwt).

According to The Maritime Executive, China’s new orders increased by 64% year-over-year to 65 million dwt.

China’s shipbuilding output increased by 12% year-on-year to 38 million dwt during the period running from January 2023 to November, making up 50.1% of the planet’s total output. In 2022, BIMCO said Chinese shipyards held a 47% share of the global market.

Through the first ten months of 2023, Chinese shipbuilders have exported $21 billion of ships, a 21% increase from the same period in 2022 according to data from the China Association of the National Shipbuilding Industry.

Maritime Strategies International (MSI), a shipping consultancy based in the U.K., said that high demand levels and higher prices have helped elevate the Chinese shipping sector during the third quarter of this year. MSI also noted that benchmark new-build prices for vessels and carriers were 30% to 50% higher in 2023 than they were at the end of 2020.

China has increased its output of military vessels in 2023. Additionally, the Asian nation has been attempting to build more LNG carriers after being outpaced by market leader South Korea when it comes to producing higher-margin gas and dual-fuel ships.