China nears No. 1 shipbuilding spot

China overtook South Korea as the world's largest shipbuilder at in terms of deadweight tonnage (dwt), the Financial Times reported. China's orders of dwt (the total carrying capacity of a ship) for the first half of the year grew 165% from the previous year to total 49.9 million, outstripping South Korea at 42.8 million. South Korea remains the world leader in other measures, including compensated growth tonnage (which includes a measure of added value) and market share, with 40%. This week, the China State Shipbuilding Corporation delivered the country's first domestically made large container ship designed and built in China, a category until now only produced in South Korea, Japan and Denmark.