Issuing agency: China Association of the National Shipbuilding Industry
Column: Capacity Utilization Monitoring Index
source: https://www.cansi.org.cn/cms/document/17591.html
In the first quarter of 2022, China's Shipbuilding Capacity Utilization Monitoring Index (CCI) was 707 points, an increase of 55 points and 8.4% year-on-year compared with 652 points in the same period last year; compared with 742 points in the fourth quarter of last year, it was a decrease of 35 points and a month-on-month decrease of 4.7%.
Specifically, the prices of bulk commodities such as crude oil and natural gas rose rapidly in the first quarter, and the international shipping market remained active, driving leading indicators such as the Clarkson Comprehensive Freight Index and New Ship Price Index to increase year-on-year. Ship orders held by key shipbuilding companies increased year-on-year but fell slightly month-on-month. Affected by the spread of the domestic epidemic in mid-to-late March, the production and operations of key shipbuilding companies were impacted, and capacity utilization fell significantly year-on-year. Raw material prices and logistics transportation costs increased significantly. This resulted in a decline in corporate efficiency, dragging down synchronized indicators. Overall, the shipbuilding capacity utilization index increased year-on-year in the first quarter, but fell back quarter-on-quarter.
It is expected that in the second quarter of 2022, the international shipping market will remain active, and leading indicators such as the new ship price index and comprehensive freight index will increase slightly. However, due to the impact of the epidemic, supply chain congestion problems will have a more obvious impact on the production and operation of shipping companies. Synchronous indicators such as capacity utilization and corporate efficiency will continue to decline, and the CCI may fall back.
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 utilization rate; lagging indicators: growth rate of global fleet ownership.
Figure China Shipbuilding Capacity Utilization Monitoring Index (Quarterly)