China Leads Global Shipbuilding Industry: Cansi

Chinese Association of the National Shipbuilding Industry (Cansi) said that China maintained its top position in the global shipbuilding industry in 2018.

Chinese companies built 43.2 percent of the new ships in the world last year, up from 41.9 percent a year ago, cementing the country's leading role in the sector, Xinhua reported quoting Cansi.

It said that China received 43.9 percent of global new orders last year and held 42.8 percent of the current orders.

From the 1950s to the beginning of the 21st century, the three indices were topped by Japan or the Republic of Korea (ROK), while In 2010, China exceeded the ROK and ranked the first in the world.

Given a lackluster global economy, however, the shipbuilding industry still faces grim circumstances, such as fierce competition and dropping profits, and Chinese companies are no exception.

Cansi warned of the challenges and noted that more efforts are needed to enhance competitiveness and profitability.

Chinese shipbuilders should take advantage of the situations, it said.