Chinas shipbuilding to exceed 10 million DWT

China is expected to build ships totaling more than 10 million DWT for the first time in its history, said an official in charge of the country’s shipbuilding sector. Zhang Guangqin, vice-director of the Commission of Science, Technology and Industry for National Defense (CSTIN), said the figure would represent an 18% share of the world’s market, up 4% over 2004.

China has been the world’s third biggest shipbuilding nation for the past consecutive years with its output growing by an annual average 26% and the country is capable of designing and building any type of ship conforming to the international standards. China’s shipbuilding capacity exceeded Germany?s for the first time in 1995, claiming third place behind the Republic of Korea and Japan and aims to increase its global shipbuilding market share to 25% by 2010.

At this rate of growth, the country will probably become the world’s leading shipbuilder by 2020. About 70% of these new ships built in China have been exported to more than 100 countries, including the United States, Japan, Germany, France and Canada. However, the development of domestic marine equipment lagged far behind demand in the country’s booming shipbuilding industry and more than 60% of raw materials and accessories used in China’s shipyards are imported.