China shipyards' Jan-May new orders fall sharply

SHANGHAI, June 23 (Reuters) - New orders received by China's shipyards in the first five months of the year fell 96 percent from a year earlier to 1.18 million dead weight tonnes (DWT), the Ministry of Industry and Information Technology on Tuesday.

 

New orders in May stood at 190,000 DWT, bringing the total orders held at shipyards as of end-May to 192.28 million DWT, down 6 percent this year, the paper said.

 

But the shipyards' output in the first five months of the year rose 61 percent from the year-ago period to 12.16 million DWT.

 

Beijing has announced plans to encourage qualified shipbuilders to list their shares and issue bonds, and has asked banks to step up trade finance for exports of ships, to aid the industry, which has taken a heavy blow from the global economic downturn. [ID:nSHA372192]

 

China's largest shipbuilders include Guangzhou Shipyard (0317.HK)(600685.SS) and China State Shipbuilding Co (600150.SS). (Reporting by Rujun Shen and Jacqueline Wong; Editing by Ken Wills

(Source: Reuters)