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China Vessel Exports up 38.5% YoY
Source:IHS Maritime 360

China's vessel exports jumped 38.5% year on year (YoY) to US$6.1bn in the first two months of 2015, showed customs statistics.

The exports are likely to decline later this year as new orders placed at Chinese shipbuilders have been tumbling since late 2014, said China National Association of Shipbuilding Industry.

Bulkers, tankers, and boxships occupied 53.1% of the total exports during the January to February period.

The exports of floating or semi-submersible drilling rigs and production platforms totalled US$920m, representing 15% of the total vessel exports.

During the same period, exports to Myanmar surged to US$690m, and exports to Singapore more than doubled to US$1.5bn, overtaking exports to Hong Kong, which increased 7% YoY to US$1.4bn.

Imports surged 248.6% YoY to US$450m in the first two months of 2015. However, old vessels and other floating structures imported for demolition dipped 58.5% YoY to US$25.5m during the same period, due to the depressed shipbreaking market in China.

The imports of port work vessels accounted for 48.9% of total imports at US$220m.

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