China shipbuilders' orders jump but earnings decline

[BEIJING] Chinese shipbuilding companies received more orders but saw shrinking profits in the first seven months of this year, according to the latest data issued by the China Association of National Shipbuilding Industry (Cansi).

As the industry sails into the choppy seas with overcapacity and fiercer competition, the market outlook is "not optimistic", Cansi said, citing fewer ship transactions and limited price hikes.

New shipbuilding orders jumped 42.5 per cent from last year to 45.73 million deadweight tonnes (DWT) in the January-to-July period, while completed shipbuilding volume fell 21.5 per cent to 20.66 million DWT, according to Cansi.