It would take at least three years or more for global shipbuilding industry to recover from recent depression, prospected China Association of the National Shipbuilding Industry (CANSI) on March 15.
Wang Jinlian, general secretary of CANSI, pointed out that from 2003 to 2008, just before the global financial crisis, shipbuilders recorded massive new orders.
He added that these newbuildings are still under construction, warning "When all orders from those period are delivered, shipping industries would face another crisis of fleet overcapacity."
It normally takes two-to-three years to overcome overcapacity and in case of shipbuilding industry, the market responds one-to-two years after, noted Wang.
Wang emphasized, "Shipping market, in particular, is sensitive to economic recovery. Therefore, when the global economy gets better, shipping industry would be able to revive fast."
However, "Market players see that shipbuilding industry would take at least three years to recover."