China sees sharp jump in shipbuilding orders

New orders during the period amounted to 33.3 million DWT, including orders for 9.54 million tonnes in the month of July alone. Total shipbuilding output for the first half was up 87.4% year-on-year to 35.2 million tonnes and the value rose by 22.7% to $54.8 billion.

However, some analysts fear that this massive growth is fueling overcapacity in the container and oil carrier business, especially as lacklustre recoveries in Europe and the US continue to depress demand.