Chinese newbuild orders down 95 percent

Statistics from the Chinese Ministry of Industry and Information Technology show that newbuild contracts at shipyards in China fell a whopping 95 percent in the first four months of 2009 to 990,000DWT.

“Most of China’s shipbuilders haven’t received any new orders in recent months,” said CANSI Secretary-General Wang Jinlian.One example is south China builder, Guangzhou Shipyard International. The builder received only one contract in April, for a firefighting vessel. At the company’s recent annual general meeting, it was revealed that the shipyard had suffered a 50 percent fall in net profit due to rising costs and the lack of new ordersBased on CANSI research, Mr Wang added that demand for newbuild tankers, boxships and bulkers would remain low in the next few months.Furthermore, numbers form the China Association of the National Shipbuilding Industry (CANSI) revealed that 28 vessels (1.1 million DWT) were cancelled in April.Statistics from UK-based shipping researcher Clarkson told a similar story- it said that the total number of new orders fell 99.46 percent in April and reached the lowest level since 1996.

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