Newbuild Orders at Chinese Yards Plummet

zoom Chinese shipbuilders marked a sharp decline in newbuilding orders in the first quarter of 2015, according to the latest data released by China Association of the National Shipbuilding Industry (Cansi). During the first three months, the countrys shipbuilders received newbuilding orders amounting to 5.99 million deadweight tons, down 76.8 percent year-on-year. The overall tonnage however, reached 9.47 million dwt, an increase of 27.5%. Out of the overall tonnage, some 8.54 million was intended for exports, Cansis data show. By the end of March, the yards newbuild orderbook stood at 144.93 million dwt, down 2.5% when compared to the same period last year. The countrys 88 key shipbuilding yards posted a joint revenue of  CNY 64.67 billion (around USD 26.4 billion) in the first quarter of 2015, an increase of 8.9%. The yards recorded a total profit of CNY 170 million, down 87.8 percent. The figures are indicative of an ongoing restructuring process within the country as shipbuilders struggle to rationalize overcapacity. World Maritime News Staff