Chinese shipbuilding companies rally as the industry’s new orders surged nearly 50% in first five months
STOCKS
Chinese shipbuilding companies rally as the industry’s new orders surged nearly 50% in first five months
STOCKS

Chinese shipbuilding companies rally as the industry’s new orders surged nearly 50% in first five months

 

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Shares of Chinese shipbuilding companies stage a strong rally, with CSSC Science and Technology surging by the daily limit of 10% at one point before paring gains to 9%, China Ship Building Industry Group Power surging more than 7%, CSSC Offshore & Marine engineering up more than 4%.

China’s shipbuilding industry saw new vessel orders surge 49.5% year-on-year in the first five months of 2023. New orders stood at 26.45 million deadweight tons (DWT) during the five-month period, with a global market share of 67.3%, according to data from China Association of the National Shipbuilding Industry.

The country’s shipbuilding output grew by 15.4% on a yearly basis to 16.47 million DWT during the period, accounting for 48.1% of the world’s total, showed the data.

By the end of May, the industry was holding orders totaled 117.99 million DWT, up 15.5% year-on-year, claiming 51.6% of the world’s market share.

Chinese shipbuilding companies rally as the industry's new orders surged nearly 50% in first five months