China: Jiangsu Province shipbuilding down 87 percent

China: An official from the Economic & Trade Commission of the Jiangsu Province recently revealed that the province’s new ship orders had fallen 87 percent year-on-year due to the global financial crisis.

Jiangsu Province, China’s leading province in terms of shipbuilding, completed 5.62 million DWT of ships in the first six months of 2009, or 35 percent of the total tonnage of ships built in China.

The commission predicted that as the credit crunch continues, several shipyards would not be able to survive.

 
(Source: www.bairdmaritme.com)