Chinese Q1 Newbuild Orders Rise

15 April 2010 (Last Updated April 15th, 2010 18:30)

China's newbuild orderbook increased by 950% to 8.26 million dwt tons in Q1 2010, according to the Ministry of Industry and Information Technology. The figure represents 47.8% of the global newbuild intake, chinaknowledge.com reports. During the quarter, Chinese output of comp

China’s newbuild orderbook increased by 950% to 8.26 million dwt tons in Q1 2010, according to the Ministry of Industry and Information Technology.

The figure represents 47.8% of the global newbuild intake, chinaknowledge.com reports.

During the quarter, Chinese output of completed ships rose 128% to 14.57 million dwt compared to the same quarter in 2009, representing 41.1% of the global output.

Chinese shipbuilders received orders of 184.1 million dwt at the end of March, 2.2% less than last year, the ministry said.

Nearly 88% of the existing orderbook is for export, making 37.3% of the world’s total.

In January and February, China exported $6.72bn-worth of ships, boats and floating structures, a 65.8% rise in exports compared to the same period in 2009.