Chinese Ship Orders Leap 870%

21 March 2010 (Last Updated March 21st, 2010 18:30)

Shipyards in China have posted an 870% year-on-year increase in orders during the first two months of 2010, China’s Ministry of Industry and Information Technology said. According to the ministry's figures, orders rose to 5.7 million dwt in January and February compared to 590,000dwt du

Shipyards in China have posted an 870% year-on-year increase in orders during the first two months of 2010, China’s Ministry of Industry and Information Technology said.

According to the ministry’s figures, orders rose to 5.7 million dwt in January and February compared to 590,000dwt during the same period a year ago.

Completion volume soared 168% year-on-year to 9.2 million dwt in the first two months of this year.

The volume of vessels produced at the country’s shipyards accounted for 46.1% of total volume produced in the global market.

Backlogs of 186.9 million dwt were being experienced at the end of February, 0.6% lower than last year’s 188 million dwt, the ministry said.