Chinese Shipbuilders Face Declines in Newbuild Orders

Shipbuilding companies in China report that new shipbuilding orders declined 48.7 percent compared to last year. The first quarter results show that Chinese shipyards booked only 5.59 million deadweight tonnes (DWT) in newbuild orders.

Completed shipbuilding volume fell 22.5 percent, to 11.21 million DWT. Incomplete orders decreased 25.3 percent, to 141.94 million DWT, by the end of the first quarter, says the report of China’s National Development and Reform Commission (NDRC).

China’s large shipbuilders recorded the industrial output of 181.3 billion yuan (USD 28.87 billion), which is an increase of 7.3 percent compared to last year results.

Export shipment decreased 8.3 percent, to 64.3 billion yuan, while the delivery of ships overseas fell 22.3 percent, to 9.47 million DWT.

Total profit of shipbuilding companies was 4.45 billion yuan in the first two months, which is an increase of 0.8 percent compared to last year.

[mappress]

Shipbuilding Tribune Staff, April 30, 2012; Image: jhz