On July 11, 2025, the 93rd meeting of China Shiprepair Periodical Coordinating Conference (SPCC) was successfully held in Zhoushan, Zhejiang. SPCC member units exchanged their operating conditions from January to June 2025 in turn, and analyzed future market trends and corresponding business strategies.
The ship repair output value increased by more than 13% year-on-year. According to the conference express, the first-half ship repair output value of China’s 38 major ship repair enterprises exceeded RMB 23 billion (about 3.2 billion US dollars), up more than 13% year-on-year, outperforming the GDP growth rate by more than double. Over 3,700 ships were completed and delivered, remaining the same as the same period last year. In other words, with the similar physical volume year-on-year, the output value per ship has increased significantly, and the average profit of the industry has seen more growth. In the first half of the year, these leading enterprises in China’s ship repair industry continued to see growth in foreign exchange earnings from exports, with the proportion of foreign ship repairs exceeding 80%.
The ship repair business of Chinese central State-owned shipyards still accounts for half of the industry. From the analysis of the group, in the total ship repair volume in the first half of 2025 (including offshore repair and retrofitting), the three major central enterprises continued to be COSCO Shipping Heavy Industry, China State Shipbuilding Corporation (CSSC) and China Merchants Industry Group. Chinese central State-owned shipyards’ ship repair accounted for 51.3% of the industry, accounting for half of the industry in the first half of the year, an increase of 9 percentage points year-on-year. In the first half of 2024, Chinese central State-owned shipyards accounted for 40%, and by the end of the year, the proportion of central enterprises’ ship repair increased to 60%.
The top seven shipyards maintain international competitiveness. In the first half of the year, there are still seven shipyards with an output value of over RMB 1 billion, but the ranking has been adjusted from Zhoushan Xinya Shipyard, COSCO Shipping Heavy Industry (Zhoushan), Changhong International, COSCO Shipping Heavy Industry(Shanghai), Youlian Shipyard (Shekou), Huarun Dadong Dockyard (HRDD) and Zhoushan Huafeng Shipyard in the first half of 2024 to Zhoushan Xinya Shipyard, Changhong International, COSCO Shipping Heavy Industry (Zhoushan), COSCO Shipping Heavy Industry (Shanghai), Zhoushan Huafeng Shipyard, Youlian Shipyard (Shekou) and HRDD. Among them, Zhoushan Xinya Shipyard’s total ship repair volume in the first half of the year is close to one-tenth of the industry, continuing to lead the industry.
The industry concentration has been further optimized. Based on the number of ships repaired and delivered in the first half of the year, there were 15 shipyards that delivered over 100 ships (4 more than the same period last year), with a total of 2,529 ships. The industry concentration reached 66.9% (a year-on-year increase of 2 percentage points). In other words, one-third of the shipyards secured two-thirds of the orders. Among them, the three shipyards that completed over 200 ships in half a year are all located in Zhoushan City. Zhoushan Xinya Shipyard, Zhoushan Huafeng Shipyard and Changhong International rank at the top of the industry.