It is reported that China's shipbuilding industry has been facing tough market conditions in the second half of this year and, to handle the problem, the Ministry of Industry and Information Technology has declared it will no longer approve new shipbuilding projects in principle in the near future.

 

As per report, by the end of September, domestic shipyards' new ship orders have topped 200 million DWT taking up some 35% of the world's total. To counter the risks of excess capacity, the ministry urged shipping industry to speed up the scrapping of old ships, optimizing industrial structure and promoting structural readjustment.

 

The ministry has released the recommendations for shipbuilders to keep stable and healthy development in current market conditions, urging domestic shipping sector to keep a close eye on the market condition and take effective precautions, speeding up the development of new designs, improving ability for independent innovation, strengthening monitoring and analysis of economic operating conditions and having a better understanding of the country's shipping trends.

 

(Source: Motor Ship)

 

 

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