On December 15, Jiangsu Economic and Information Technology Commission of China announced at a report on performance of shipbuilders in Jiangsu during January-November that the province is showing signs of gradual recovery.

As of the end of November, shipyards in Jiangsu were seen to stand on 10% increased orderbook compared to a year ago and this represents the first uptrend seen since June, 2011, and after a 29-month adjustment period, Xinhua of China reported. Also, it accounted for 40.5% of total Chinese orderbook and 17.9% of global orderbook, which is considered to be signs of recovery.

The orderbook increase is attributable to global economic rebound and China’s fleet renewal of old vessels, which promoted demands for newbuildings. In this year to November, Jiangsu Province saw a 385.0% year-on-year increase in new orders with 392 vessels of a combined 18.85m dwt, which took shares of 16.1% and 36.4% in global and Chinese shipbuilding industry, each.

The recent recovery trend is accompanied with overall restructuring of the industry while industrial concentration is getting promoted as well.

New orders inked by 13 major shipbuilders in Jiangsu accounted for 93.4% of the province, up by 27%p from late 2010. Major vessel types are also gradually moving to high-value added and high-technology required special vessels such as offshore facility, LNG carrier and etc. from three commercial vessels including bulker, tanker, containership and so on.