(Yicai) Sept. 18 -- The Chinese shipbuilding industry has achieved record revenue and net profit in the first half despite a drop in new orders in the global market as global shipowners exercise caution in new investments this year, according to a senior executive at the China Association of the National Shipbuilding Industry.

Operating profit at large Chinese shipbuilding firms widened 73 percent to CNY38.7 billion (USD5.4 billion) in the six months ended June 30 from a year earlier, Tan Naifen, deputy secretary-general of the CANSI, said at a press conference for Marintec China yesterday. Revenue surged 21 percent to CNY398.8 billion (USD56.1 billion).

Marintec China is Asia's most influential maritime exhibition. This year's edition, which is set to be the biggest yet, will be held at the Shanghai New International Expo Center from Dec. 2 to 5. More than 2,200 exhibiting companies and 100,000 visitors from 100 countries and regions are expected to attend.

"In the first half of the year, China's shipbuilding industry set record highs in major performance indicators, such as handheld ship orders, new ship price index, operating revenue, and operating profit," Tan noted.

China's shipbuilding completions, new orders, and handled orders accounted for 52 percent, 68 percent, and 65 percent, respectively, of the global total in the first half, with the value of ship exports soaring nearly 19 percent in the period from a year earlier, according to data from the CANSI.

This year, China's shipbuilding completions will be around 51 million deadweight tons, Tan predicted, adding that the handheld orders will still be above 230 million DWT even though the number of new orders received will decrease slightly from last year.

Orders for green ships, including liquefied natural gas powered and methanol powered, grew rapidly in the first half, with Chinese firms also securing several new orders for zero-carbon ships, such as ammonia fuel cell vessels, Tan noted. Two-thirds of the global new ship orders were for green ships in the period.

"As factors such as geopolitical conflicts and trade protectionism will continue to exist, the growth of the global economy and shipping industry still faces major challenges and strong uncertainties," Tan pointed out. "However, the greening trend of the global shipping industry is irreversible, which will provide important support for the new shipbuilding market."

Editors: Tang Shihua, Futura Costaglione