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China's ship industry's gross output up 23% in Jan-Nov

Jan. 5, 2012 (China Knowledge) - The gross industrial output of ship enterprises in China jumped 23% year on year to RMB 707.6 billion in the first 11 months of this year, according to the latest statistics released by the National Development and Reform Commission.

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% year on year to 61.77 million deadweight tons in the first 11 months of last year. However, the industry's 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's outstanding ship orders had fallen 17.4% year on year to 162.70 million deadweight tons.

In the first ten months of 2011, the ship industry's gross profit rose 25% year on year to RMB 42.9 billion.

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