According to Qingdao Customs, main shipyards in Shandong mostly failed to fulfill their annual delivery schedule.
Experts point out than the phenomenon is mainly caused by slowing global economy and depressed shipping market. The raging debt crisis in Europe and America has greatly hindered international consumption confidence and further obstructed international shipping.
In H2 2010, the overwhelming optimism in shipping market recovery greatly drives shipowners’ investment in new orders. But the following capacity oversupply and increasing financing stress has made shipowners labored in receiving new orders.
Furthermore, depending on its advantages in high-value vessel, S. Korea has regained No.1 in global shipbuilding industry in H2 this year by surpassing China 17% in new order volume. Blind investment and repeated construction has made Chinese shipbuilding capacity concentrate on low-technology products like tanker and bulker.
Lack of core competitiveness and productivity oversupply will further hinder Chinese shipbuilding industry in volatile market.