Issuing agency: China Association of the National Shipbuilding Industry
Column: Capacity Utilization Monitoring Index
source: https://www.cansi.org.cn/cms/document/18895.html
In the second quarter of 2023, the China Shipbuilding Capacity Utilization Monitoring Index (CCI) was 798 points, approaching 800 points for the first time in 10 years, setting a new high in recent years. Compared with 700 points in the same period last year, it increased by 98 points, a year-on-year increase of 14%; compared with 772 points in the first quarter, it increased by 26 points, a month-on-month increase of 3.4%.
Specifically, in the second quarter, the number of new orders for Chinese ships increased by 48.2% from the previous quarter, and the number of orders on hand increased by 8.2%. The Clarkson new ship price index continued to rise by 6 points in the second quarter. However, the international shipping market experienced phased adjustments, and the comprehensive freight index fell by 22.9% from the first quarter, dragging down the leading indicators to a slight decline. Focus on monitoring that shipbuilding companies have sufficient orders on hand, full production tasks, and capacity utilization to maintain a good level. In the second quarter, raw material prices continued to decline and the RMB exchange rate depreciated slightly against the US dollar. Corporate performance continued to improve. Main business income increased by 19.4% quarter-on-quarter, and operating profit margin increased by 0.9 percentage points from the first quarter, driving a substantial increase in concurrent indicators. The growth rate of the global fleet remained stable, increasing by 0.1 percentage points from the previous quarter. The growth of concurrent indicators covered the decline in leading indicators, and the CCI continued to grow in the second quarter.
Leading indicators: focus on monitoring the number of ship orders held by shipbuilding companies, new ship price index and comprehensive freight index; concurrent indicators: focus on monitoring shipbuilding companies' capacity utilization, main business income and operating profit margin; lagging indicators: growth rate of global fleet ownership.
Figure China Shipbuilding Capacity Utilization Monitoring Index (Quarterly)