China Knowledge quoted according to the latest statistics released by the Ministry of Industry and Information Technology the gross industrial output of shipbuilding enterprises of designated size as defined by the ministry in China jumped 24.6%YoY to CNY 573.4 billion in the first nine months of this year.
The combined core business revenue of these enterprises grew 27.1%YoY to CNY 438.3 billion during the nine month period. The output of completed ships climbed 18.3%YoY to a record 51.01 million deadweight tons in the first nine months. However, the industry new orders experienced a widened decline of 42.8% to 29.02 million deadweight tons during the period due to slowing global economy. Consequently, the industry outstanding ship orders had fallen 13.8%YoY or 14.5% from the end of last year to 168.86 million deadweight tons at the end of September.
In the first eight months, shipbuilding enterprises in China realized CNY 32.8 billion in gross profits reflecting a growth of 24.5%YoY but the growth was 8.2 percentage points lower than that in the same period of last year.