Chinese Newbuild Orders Fall

11 October 2009 (Last Updated October 11th, 2009 18:30)

New orders for Chinese-built vessels are declining despite high industry output, according to a new report. The China Association of the National Shipbuilding Industry (CANSI) report revealed a year-on-year drop of 6.8%, outlining 11 consecutive months of decreased orders up to August

New orders for Chinese-built vessels are declining despite high industry output, according to a new report.

The China Association of the National Shipbuilding Industry (CANSI) report revealed a year-on-year drop of 6.8%, outlining 11 consecutive months of decreased orders up to August 2009.

The figures in the report also predicted drops across all sectors of shipbuilding.

The CANSI report forecasts a fall of up to 50% in container vessel orders in the next five years, and a 25% minimum decrease in demand for tankers and bulk carriers.

The report predicts stabilisation for the workboat building market, in ferries and supply vessels due to the closer ties in this area between supply and demand recoveries.