China shipbuilding volumes up 87% in Jan-July 2010

Secutimes.com reported this morning citing the Ministry of Industry and Information Technology as saying that China recorded a 87.4%YoY surge in completed shipbuilding volume to 35.2 million deadweight tons in the first seven months of 2010.??New orders received by domestic shipbuilders in the first seven months totaled 33.32 million DWT, 4.2 times the amount of orders received for the same period of last year.??Export orders of new ships accounted for 72% of the total. The volume of shipbuilding orders on hand as of end July was approximately 188.16 million deadweight tons almost unchanged from end 2009.??Of the total 88% of the ships to be built were meant for export.