Ship Demand to Reach 31 Million DWT between 2006-2010

According to Research and Markets, which provides an in-depth study on supply-demand, competitive pattern and latest market changes in Chinas shipbuilding industry, as well as presents and analyzes the development and operating strategies, competitiveness and the prospect of major manufacturers in details, from 2006 to 2010, the total demand of ships will reach 31 million DWT, and the annual demand will be 6.2 million DWT on average. In 2005, the cumulative sales revenue of Chinas shipbuilding industry amounted to $13.9b, up by 42.6 percent over the year of 2004, and the profits amounted to $539.4m, far more than that of 2004, which was $206m. The export is also promising and the earnings broke through $4b in 2005. The boom of Chinas shipbuilding industry is closely linked with the development of marine industry. Although the global marine market declined in 2005, new opportunities still emerged for Chinas shipbuilding industry. As the world’s shipbuilding center shifting to China gradually and the favorable industrial policies issued by the government, China is expected to develop as the largest shipbuilding country in the next 10 years.