The world's economic crisis and overcapacity have hit the once-prosperous industry. This year, only 182 ships are under construction compared to 2,036 in 2007. Jiangsu province is the worst-hit with a 62 per cent drop in orders.

Hong Kong (AsiaNews/Agencies) - China's shipbuilding industry is at its lowest point in ten years as new orders dry up. Analysts blame the crisis on overcapacity from the boom years. This has been compounded by shipbuilders' difficulty in raising cash and in overall lower cargo volumes.

Figures released this month by British shipbroking house Clarkson show that China's shipyards secured contracts for just 182 ships in the first six months of the year. Last year the shipyards had won orders for 561 vessels. The number of orders is down from the peak of 2,036 vessels secured in 2007 and 463 ships in 2004.

In tonnage terms, Chinese shipyards secured deals for 3 million cgt (compensated gross tonnes) between January and June this year, against 32.54 million cgt at the peak in 2007.

Clarkson figures show that 46 out of 180 shipyards listed failed to deliver a single vessel last year.

One of the worst-affected provinces is Jiangsu, home to many large shipyards, which got deals for 72 new ships in the first five months, down about 62 per cent over the same period last year.

The crisis affecting China's shipbuilding industry has also hit South Korea and Japan, where shipyards are not faring much better.

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