Executive Briefings

Given Global Overcapacity, Chinese Province Orders Huge Cutback in Ship Building

Severe shipyard overcapacity in China has prompted the National Development and Report Commission's Jiangsu province to cancel work on 23 projects. The projects included construction of new docks, offshore vessels, facility conversion projects and additional expansions.

Given Global Overcapacity, Chinese Province Orders Huge Cutback in Ship Building

The commission stated that it would supervise shipbuilding capacity in the province and promote mergers in order to optimize capacity.

The global downturn in shipbuilding, particularly in China, has been evident for the past several years as newbuilding orders plunged amid an oversupply of ships. Jiangsu was hit particularly hard by the downturn this year as it newbuild orders declined about than 72 percent from last year.

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The commission stated that it would supervise shipbuilding capacity in the province and promote mergers in order to optimize capacity.

The global downturn in shipbuilding, particularly in China, has been evident for the past several years as newbuilding orders plunged amid an oversupply of ships. Jiangsu was hit particularly hard by the downturn this year as it newbuild orders declined about than 72 percent from last year.

Read Full Article

Given Global Overcapacity, Chinese Province Orders Huge Cutback in Ship Building