China's vessel exports fell 14.1 percent on an annual basis to US$23.8bn in 2014, a record low since the outbreak of the financial crisis in 2008.

The country's vessel exports have witnessed three consecutive year-on-year (YoY) falls since 2012, according to customs statistics. China exports the majority of newbuildings built at its shipyards.

The exports are expected to be shy of any increase in 2015 from 2014, China National Association of Shipbuilding Industry (CANSI) said. CANSI made the estimation on the basis of vessel completion volumes, new orders and orderbooks of Chinese yards in 2014.

In 2014, completed newbuilds for exports by Chinese yards fell 7.3 pecent YoY to 33.1m dwt, with the new orders for exports down 14.3 percent YoY to 55.5m dwt. The orderbooks for exports rose 23.7 percent YoY to 142.8m dwt at the end of 2014.

Bulk carriers, tankers and container ships accounted for 65.1 percent of the total exports in 2014 with a sum of US$15.5bn. The exports of bulk carriers dropped 33.5 percent YoY to US$8.1bn.

The exports of floating or semi-submersible drilling rigs and production platforms totalled US$2.0bn, accounting for 8.5 percent of total vessel exports.