China remains world's biggest shipbuilder

China has retained its superiority among the world's shipbuilders throughout 2022, mastering the biggest market share and making a breakthrough in the production of top-class ship models.

The announcement came online by the country’s Ministry of Industry and Information Technology on February 1, Caliber.Az reports, citing the China Internet Information Center.

Last year marked the 13th straight year for Chinese ship manufacturers to hold the largest share of global markets. Six companies ranked as the world's top 10 shipbuilding enterprises.

The country topped the globe in three major indicators — contributing 47.3 per cent of global output, receiving 55.2 per cent of new orders and obtaining 49 per cent of backorders.

Taking advantage of the growing global demand for shipping, especially crude oil and natural gas, in the face of the COVID-19 pandemic, China has further consolidated its position as the world's largest shipbuilder.

"The shipbuilding industry has entered the recovery cycle, showing a steady upward trend," said Cao Bo, a researcher with the China Association of the National Shipbuilding Industry.

With the largest shipbuilding market share, China is rising briskly as a manufacturer of quality.

Solid progress has been made, particularly in producing LNG tankers, which are high-end ships equipped with tanks ensuring the gas is kept in a liquid state at — 160 C.

Chinese companies received 55 LNG carrier orders in 2022, accounting for over 30 per cent of the world's total, a record high for the country. "It is a massive breakthrough," Cao said.