While shipbuilding market being under depression with stagnant shipping market, Chief Executive Ren Yuanlin of China's Jiangsu Yangzijiang Shipbuilding forecast that shipbuilding industries should go through another five years of difficulties before getting recovered.
In the meantime, more than half of global shipyards will go bankruptcy or be on the mergers and acquisitions.
Ren Yuanlin said that 2012 will be the harshest year for shipping industries, while shipbuilding industries have just entered downward period.
He added, many Chinese shipyards, including Yangzijiang, are forced to face crisis, but Yangzijiang aims to go through dragging period two years later and overcome one year earlier than other shipbuilders.
He projected that 2014 will be the hardest year with almost 'Zero' order, since its offshore business won't be settled down then. If there is order, the profitability will be very low.
He said that Yangzijiang has already delivered 60-80% of orders on the book, but inked overall $295.1m during the first half of the year.