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China yards enlarge 11-month orderbook, record lower profit

China yards enlarge 11-month orderbook, record lower profit
China’s shipyards continued to enlarge its orderbook tonnage over the first 11 months of 2014 but profitability of the key yards dropped amid the ongoing industry recession, according to data from China Association of the National Shipbuilding Industry (Cansi).

From January to November last year, Chinese shipyards received new shipbuilding orders with tonnage totalling 56.76m dwt, an increase of 9.4% compared to the previous corresponding period.

The orderbook on hand up until 30 November 2014 was registered at 152.33m dwt, up 27.8% compared to the same period of 2013, data from Cansi showed.

Completed vessel tonnage from the shipyards, however, dropped by 16% year-on-year to 32.65m dwt.

Despite the improved orderbook, the 87 main shipyards monitored by Cansi have recorded lower profits.

Earnings from the 87 shipyards showed that they achieved a combined 11-month revenue of RMB272bn ($43.7bn), up 13.6% year-on-year but profit dropped by 7.5% to RMB4.7bn.