Two years after the financial crisis, China's shipbuilding industry is ready to set sail again.

Chinese shipbuilders received new orders of 9.54 million deadweight tons in July, hitting a record high since the financial crisis, said the China Association of the National Shipbuilding Industry. The figure brought the amount in the first seven months to 33.3 million deadweight tons, 4.2 times the same period last year.

When the overwhelming financial storm swept the globe in 2008, Chinese ship makers sourcing their orders largely from the United States and Europe had nowhere to hide. Many buyers postponed deliveries or cancelled them outright since they have no cargo to transport.

In response, the government has handed out an array of generous incentives to help the hard-hit industry, such as easier access to financing. Moreover, it has encouraged qualified shipbuilders to float their shares on domestic stock markets.

But some analysts see murky waters for the shipbuilding boom. The rebound in new orders may not be a result of recovering demands, but just low ship prices, said Bao Zhangjing, a researcher of the China Shipbuilding Industry Research Center.

A bulk cargo vessel of around 76,000 deadweight tons cost around 500 million yuan ($73.5 million) in 2008, but the price has dived to around 260 million yuan ($38.2 million) this year, says Ningbo Fonwa Shipping Co. Ltd.

In addition, most of the new orders went to a few big manufacturers, which means challenges remain for the smaller companies, said Bao.