New orders received by Chinese shipbuilders slump 70 pct in Jan.-Sept.
Chinese shipyards received 16.92 million deadweight tons (DWT) of new orders in January to September, down 70 percent from the same period last year, according to statistics released by the Chinese Association of National Shipbuilding Industry (CANSI) on Wednesday.
They achieved 20.63 billion yuan of profits from January to August, down 6 percent on year.
The total of 2009's new orders will register around 20 million DWT and profits may come to over 30 billion yuan, CANSI estimated. China's shipbuilding industry will likely remain sluggish in the next one to two years, it predicted.
Also, vessel prices are likely to fall below their construction costs due to an oversupply in the market, it warned.
China's new ship orders took up 70 percent of the world's total from January to September, and the ship output accounted for 31 percent of the total.
They achieved 20.63 billion yuan of profits from January to August, down 6 percent on year.
The total of 2009's new orders will register around 20 million DWT and profits may come to over 30 billion yuan, CANSI estimated. China's shipbuilding industry will likely remain sluggish in the next one to two years, it predicted.
Also, vessel prices are likely to fall below their construction costs due to an oversupply in the market, it warned.
China's new ship orders took up 70 percent of the world's total from January to September, and the ship output accounted for 31 percent of the total.