Group 1 - The core viewpoint of the article highlights the strong market resilience and competitiveness of China's shipbuilding industry, which continues to maintain the largest share of new orders globally despite complex global trade conditions [1] - From January to April, China's shipbuilding industry secured new orders that accounted for the largest market share in the world [1] - Many shipbuilding companies have a full order book, with production schedules extending several years into the future, with some companies' orders reaching as far as the first half of 2029 [1] Group 2 - Dalian COSCO KHI Ship Engineering Co., Ltd. is currently constructing large 16,000 TEU container ships and six dual-fuel LNG large crude oil carriers [1] - The company has reported that both of its docks are fully booked with orders extending into 2029 [1]

Industry Overview - China's shipbuilding industry demonstrates strong market resilience and competitiveness amid complex global trade conditions, maintaining the largest market share in new orders globally for the first four months of the year [1] - Many shipbuilding companies have full order books, with production schedules extending several years into the future [1] Company Performance - Dalian Zhongyuan Shipping Kawasaki Shipbuilding Co., Ltd. reported a 58% year-on-year increase in ship delivery volume, planning to deliver a total of 12 ships this year, with overall operational volume increasing by 10%-15% annually [5] - The company received new orders for 9 container ships with a total deadweight of approximately 166.7 million tons, marking a 195% increase year-on-year [5] - The company’s two docks are operating efficiently, with orders scheduled until the first half of 2029 [7] Market Data - According to the China Shipbuilding Industry Association, from January to April 2025, China's completed shipbuilding volume, new orders, and hand-held orders reached 15.32 million deadweight tons, 30.69 million deadweight tons, and 229.78 million deadweight tons, respectively, accounting for 49.9%, 67.6%, and 64.3% of the global market share [7] - The global shipyard capacity remains tight, and the periodic renewal demand of the existing fleet is expected to sustain the shipbuilding industry's favorable cycle [7] Future Outlook - Hengli Shipbuilding (Dalian) Co., Ltd. has approximately 170 ships on order, primarily from European clients, with orders extending to 2029 [9] - Analysts note that the aging global fleet and recent environmental regulations from the EU and the International Maritime Organization (IMO) are accelerating the replacement of vessels [11] - The short-term impact of the US 301 investigation is acknowledged, but it is not expected to hinder the long-term competitiveness of China's shipbuilding industry or the overall development trend of the global shipbuilding sector [11]