Surge in ship orders to raise foreign trade

Added advantage: Visitors stand near an under-construction Maersk oil tanker at a shipyard in Dalian. The country’s ability to offer cost-effective solutions without compromising on quality helps it to maintain a competitive edge in the global market. — AFP

SHANGHAI: Amid rising global demand, technological progress and new international environmental regulations, market watchers and shipbuilders predict that China’s shipbuilding industry will contribute significantly to the country’s foreign trade this year.

Many global shipping and energy companies, as well as automakers, have placed a large number of orders for ships like mega container vessels, liquefied natural gas (LNG) carriers and vehicle carriers from Chinese shipyards in recent years.