Report: Chinese shipyards see new orders plummet

Newbuild orders for shipyards in China fell 25.4 percent year-over-year to 5.54 million deadweight tons in the first quarter of 2017 amid continued weakness in demand, according to a report from the China Association of the National Shipbuilding Industry.    Shipbuilders in China have seen orders for newbuild vessels plummet 25.4 percent year-over-year to 5.54 million deadweight tons in the first quarter of 2017 amid continued weakness in demand, according to a recent report from the China Association of the National Shipbuilding Industry (CANSI).
   Chinese shipyards completed ships totaling 15.67 million dwt during the quarter, an increase of 87.7 percent from the same period a year ago, CANSI said.
   Total order backlog, however, for Chinese yards has fallen 26.3 percent from first quarter 2016 and 11 percent from the end of last year to 88.65 million dwt.
   A combination of tepid growth in global trade volumes and persistent overcapacity in the container and bulk shipping segments over the past few years has caused demand for new vessels to drop considerably, putting intense pressure on shipbuilding operations around the world.