New shipbuilding orders in Chinese yards has increased by 182.6% year-on-year in the first five months of 2021 with volume recorded at 32.74m deadweight tonnage (dwt), according to the China Association of the National Shipbuilding Industry (CANSI).

Shipbuilding output for the first five months stood at 16.86m dwt, rising 26.6%, while as of end-May, the orderbook was 85m dwt, also recording a 6.4% rise.

Shipbuilding export volume rose 30.4% year-on-year or 16m dwt and newly received export shipbuilding orders spiked 174.9% to 29.3m dwt.

In the first four months of the year, CANSI earlier reported that China's new shipbuilding orders were up 182.1% as the industry struggles to add more capacity in the market to support demand.