China's shipbuilding industry posted 9.47 million dwt in completions in the first quarter (Q1), up 27.5% on an annual basis, according to a domestic shipping news report, citing the country's Ministry of Industry and Information Technology.

The country's newbuilding orders stood at 5.59 million dwt in Q1, a drop of 76.8% from a year earlier.

In addition, orderbook, the third major indicator of shipbuilding industry, had come in at 144.93 million dwt as of the end of March in China, down 5 percent year on year.