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Chinese shipyard newbuild orders dip 25.4% in first quarter

Chinese shipyard newbuild orders dip 25.4% in first quarter
China’s shipbuilders have reported a dip in first quarter newbuilding orders and a hike in completed vessel tonnage compared to the year-ago figures, according to statistics from China Association of the National Shipbuilding Industry (Cansi).

From January to March this year, Chinese shipbuilders recorded 5.54m dwt in new vessel tonnage, a decline of 25.4% compared to the first quarter of 2016, data from Cansi showed.

In completed newbuild tonnage, the Chinese shipyards produced a total of 15.67m dwt of vessel capacity during the first three months, representing a jump of 87.7% compared to the previous corresponding period.

The shipbuilders’ order backlog this year up until 31 March 2017 stood at 88.65m dwt, decreasing by 26.3% year-on-year and down 11% compared to end-2016, according to Cansi.

The association further showed that China’s 53 leading shipbuilders racked in new orders of 4.42m dwt and completed vessel tonnage of 13.37m dwt over the first quarter, and sat on an order backlog of 82.6m dwt up until end-March 2017.

Cansi also monitors 80 main shipyards showing that their combined completed newbuild value came up to RMB85.87bn ($12.47m), down 7.5% year-on-year.

Among the total value, shipbuilding accounted for RMB37.01bn, equipment amounted to RMB5.04bn and ship repairs took up RMB2.7bn.

The 80 main yards generated a total revenue of RMB62.4bn in the first three months of 2017, a fall of 9.7% compared to the same period of 2016, and a profit of RMB250m, plunging 63.5% year-on-year.