China’s cruise liner breakthrough marks crowning glory, but ambition to climb high-value chain faces challenges

Chinese boat builders moved closer to putting the last – and the most precious – pearl onto “the crown of shipbuilding” this week, while also accelerating a shift in high-quality development that will take the world’s second-largest economy to new waters.and aircraft carriers, have long been considered “the three pearls of the crown” as they represent the highest levels in vessels carrying passengers, cargo and military equipment.

However, making cruise ships and developing an industry from scratch is no small undertaking for China. China delivered 48 per cent of the world’s merchant ships last year in terms of compensated gross tonnage – a measure of the amount of work involved in building a ship – with South Korea accounting for 25 per cent, according to British shipping market analyst Clarksons Research.

“China has developed a position in cruise , although mainly for smaller luxury vessels, where there is stronger demand at present.” “China has made breakthroughs in many types of ships, not just because it has caught up in building capability, but also because its outstanding performance over the past years has improved domestic and international shipowners’ confidence in Chinese shipyards,” said Penny Peng, senior business development executive at vessel valuation and information analysis firm VesselsValue.

China has high hopes that the C919 will reduce dependence on foreign technology as ties with Western countries deteriorate.

Source: Financial Digest (financialdigest.net)

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