Singapore-listed and Chinese shipbuilder JES International turned into the red in the third quarter of this year due to sharply decreasing new orders and falling newbuilding prices.

JES recorded CNY 133.09m ($21.84m) of net losses during July-September of 2013, falling into the red from around CNY 11.73m net profits posted a year ago.  

During the same period, the Chinese shipbuilder recorded CNY 54.17m of revenue, down by nearly 93.5%, compared to CNY 838m of the corresponding period a year ago.

Main factors of the sharply decreased revenue are said to be low newbuilding prices of orders inked in the fourth quarter of 2012, a slowdown in production speed, JES explained.

JES delivered only one 47,500 dwt bulker during the third quarter of the year.

Meanwhile, the Singapore-listed builder said that its operating environment is having a difficulty affected by depressed shipping market condition under the economic crisis of the US and Europe. It is pushing forward with diversification towards other sectors, such as offshore and etc. other than its main vessel type, bulker, in order to overcome the current crisis.