China Knowledge quoted according to the latest statistics released by the National Development and Reform Commission that the gross industrial output of ship enterprises in China jumped 23%YoY to CNY 707.6 billion in the first 11 months of this year.

The growth rate was 2.1 percentage points lower than that in the same period of last year.

The output of completed ships climbed 8.8%YoY to 61.77 million deadweight tons in the first 11 months of last year. However, the industry new orders plunged 47.3% to 33.69 million deadweight tons during the period due to the weak shipping market. Of the total new orders, 70.8% was for bulk cargo ships, 11.5% for container vessels and 7.7% for oil tankers.

As of the end of November, the industry outstanding ship orders had fallen 17.4%YoY to 162.70 million deadweight tons.

In the first ten months of 2011, the ship industry gross profit rose 25%YoY to CNY 42.9 billion.

(Sourced from China Knowledge)