With shipping market facing serious overcapacity, more owners begin to cut fleet size and newbuildng prices dropped all the way as a result.
China Newbuilding Price Index has fallen by 9.64% to 861 against the same period of last year. Many shipyards are considering transformation when traditional ship types facing declining ordering.
Hu Wenming, Chairman of CSSC points out that new orders are unlikely to increase greatly in next three years. He also reveals that CSSC is planning to turn to offshore sector, ocean-going fishing vessels and enforcement vessels to make up the decrease of traditional ship orders.
Eco-friendly ship will be popular in the future with more owners choose to refresh fleet by ordering eco ships, Hu says.