China is Expecte to be the Largest Shipbuilding Country

The information came from Research and Markets's report.

Chinas ship completions rank third in the past 10 consecutively years and the shipbuilding capacity also increased from 3.462 million DWT of 2002 to 12 million DWT of 2005. According to us, 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 RMB 110.85 billion, up by 42.6% over the year of 2004, and the profits amounted to RMB 4.29 billion, far more than that of 2004, which was RMB 1.64 billion. The export is also promising and the earnings broke through USD 4 billion in 2005.

China also unveil the new plan for the nation's shipbuilding industry. Source

China has become the world's third-largest shipbuilder in terms of output, following Japan and South Korea. In 2005 China's shipbuilding output was over 12 million deadweight tons (dwt), approximately 17 per cent of the global market.

Also underlined in the plan were product development and technological improvement.

Under the plan, annual output will hit 17 million dwt by 2010.