In a recent statistical report from the China Association of the National Shipbuilding Industry (CANSI), China's newbuilding delivery, new order and orderbook, in the first five months of this year, decreased by 10.1%, 47.3% and 27%, respectively year-on-year.
At the same time, quite a many shipyards located in China's major shipbuilding complexes in Jiangsu, Zhejiang, Fujian and Shandong are facing bankruptcy crisis with no orders on the book.
In May, Zhejiang Jingang Shipbuilding, the largest private-owned shipyard in Taizhou, Zhejiang, turns out to have filed for bankruptcy.
Chinese industry sources analyzed that a series of bankruptcies of private shipbuilders are a miniature of the Crisis that Chinese shipbuilding industries face.
An official from the Shanghai International Shipping Research Center pointed out that Chinese shipyards are facing difficulties of lack of new order, delivery setback, tightened ship financing market, increase in production cost, decrease in profit, etc., amid stagnant global shipping market.