China's shipbuilding sector built an estimated six million dead weight tons (DWT) of ships in 2003, a record high and up 46 percent over the last year. The new ships that Chinese shipyards built last year accounted for 18 percent of the world's total in terms of tonnage, comparing to 13 percent in the previous year, while new orders it received in 2003 totaled 18 million tons, up 173 percent, according to the local sources.
It was reported that the shipbuilding sector in China would have to work at full capacity until the end of 2006 to deliver the ships ordered by its domestic and overseas clients. The overall tonnage for orders the country's shipbuilding sector has yet to deliver stands at 25 million tons, an increase of 93 percent.China State Shipbuilding Corporation (CSSC), the country's leading shipyard, built ships totaling 2.17 million tons in 2003, twice as much as that of the previous year. It also boasts a 253 percent year-on-year increase in total tonnage in newly received orders to 8.7 million tons.
China Shipbuilding Industry Corporation, another of the country 's shipbuilding giants, reported construction of ships totaling 1.65 million tons, up 20 percent, with new ship orders it received in 2003 up 244 percent to 4.2 million tons.