In a recent statistical report from the China Association of the National Shipbuilding Industry (CANSI), China's newbuilding deliveries, new orders and orderbook, in the first five months of this year, decreased by 10.1%, 47.3% and 27%, respectively year-on-year.
At the same time, many shipyards located in China's major shipbuilding complexes in Jiangsu, Zhejiang, Fujian and Shandong are facing a bankruptcy crisis with no orders on the book.
In May, Zhejiang Jingang Shipbuilding, the largest private-owned shipyard in Taizhou, Zhejiang, filed for bankruptcy.
An official from the Shanghai International Shipping Research Center pointed out that Chinese shipyards are facing difficulties such as the lack of new orders, delivery setbacks, a tightened ship financing market, increase in production costs, decrease in profit, etc., amid a stagnant global shipping market.
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