Amid global economic depression, Chinese shipbuilding industries are facing difficulties, as not a few private-owned shipyards are said to have filed for bankruptcies, etc., some industrial players say they will suffer from further difficulties over the next few years; up to five.
Spokesperson from China Shipbuilding Industry Corp (CSIC) said some shipyards are having no problem in hunting new orders, despite troubled shipping industries. However, Chinese shipbuilding industry will face the worst since 2013.
An official from Guangdong Maritime Safety Administration of China sees the ratio of shipbuilding boom and depression period as one to one point seven. Therefore, if from 2003 to 2008 are considered as a boom period, stagnant market will continue for the next five years.
Taking account of current global economic situation, China expects that shipping market would not be able to recover in a short period and shipbuilding market will be difficult to get back in the next few years.
Chinese shipbuilding player said shipyards should urgently develop new vessel and introduce new technology in order to survive.
And other specialist announced that 'distinct characteristic'. 'scale' and 'technology' are the key factors to live through and boost Chinese shipbuilding market. He emphasized that yard capacity over some level is necessary to make profits out of newbuildings and those over a certain scale with high technology and distinct characteristics will make an opportunity out of crisis.