China retained its position as the world's third largest shipbuilder for the eighth consecutive year in 2002, next only to Japan and the Republic of Korea. Vessels completed in the Chinese yards reached 4.46 million tons in 2002 according to China's top two shipbuilding companies, the China Shipbuilding Industry Corporation (CSIC) and the China State Shipbuilding Corporation (CSSC). The two companies shared 60 percent of China's shipbuilding market, a total amount of 2.6 million tons, with the remaining market covered by local shipbuilding companies.
Statistics show that until 2010 about 45 million tons in completed vessels will be needed annually from the global shipbuilding market. The annual vessel order from Chinese shipping companies between 2001 and 2005 will top two million tons at an annual growth rate between eight percent and 10 percent. Currently, over 60 percent of vessels produced in China have been exported to over 80 countries and regions worldwide, including major shipping countries like Greece, Norway, the United States, Britain and major shipbuilding powers such as Japan, the Republic of Korea and Germany.