Production at Chinese shipyards declines
October 31, 2012 Category Logistics, Ports & sea transport
Production at Chinese shipyards declined steeply during the first three quarters of the year. Finished capacity dropped by 18.5% from last year to 41.58 million DWT, and new orders decreased by 46.9% year-on-year to 15.41 million DWT, according to the latest data of the Ministry of Industry and Information Technology (MIIT). Chinese yards’ order book stood at 121 million DWT by the end of September, down 19.4% from the end of 2011. Sun Bo, Senior Executive of the China Shipbuilding Industry Corp, said that last year there was still a demand for more sophisticated vessels, but this year market demand was weak for all kinds of vessels. He added that a recovery is unlikely to happen within the next three years, and only big shipyards with lots of orders are likely to survive. Tan Zuojun, former General Manager of the China State Shipbuilding Corp estimated that at least half of China’s more than 3,400 shipyards will go bankrupt within the next three years. Some industry analysts were even more pessimistic about the industry’s prospects, saying that only 300 of the biggest yards in the country will still be operating when the market starts to improve.
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