Shipbuilders see profitability halved in H1

The Chinese Association of the National Shipbuilding Industry reported sinking profits in the first half of this year. Profits of 80 major shipbuilders monitored by the association totaled 3.58 billion yuan ($580 million), down 54 percent year-on-year.

A total of 20.6 million deadweight tons of new vessels were completed for domestic and international shipowners, a 36 percent decrease from the previous year.

However, shipyards received new orders of 22.9 million DWT, up 113 percent.

The nation's shipbuilding capacity accounted for 39.1 percent of the global total, according to Clarkson Research Studies, British analysts of the shipping industry. New orders accounted for 44.2 percent, and existing orders for 43.1 percent, of the industry worldwide, Clarkson said.