Chinese shipbuilding industries are struggling against new order drought and troubled shipping market.
According to latest report from the Ministry of Industry and Information Technology (MIIT), during the first nine months of this year, Chinese shipyards' overall delivery declined by 18.5% year-on-year to 41.58m dwt, while new orders plunged to 15.41m dwt, down by 46.9% on the same period of last year.
As of the end of September, Chinese shipbuilders stood at 121m-dwt orders on the book, down by 19.4% against the end of 2011.
Industry analysts blamed the the troubled Chinese shipbuilding industries on tonnage overcapacity, rising oil and other costs as well as uncertainties in world economic growth caused by Europe's debt troubles and China's economic slowdown.
Published : November 14, 2012
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