( – FocusAsia Media Ltd

BEIJING, Jul 25 (FAM) – The glory days seems to be over for the nation’s shipyards after a rough first half, as companies face a wave of challenges, including declining orders, rising difficulties in fundraising and weak profitability, recent industry data showed.

These trends are plaguing both the domestic and global shipbuilding sectors, which face lackluster global trade and overcapacity in the shipping industry, which have combined to drag down demand for new ships, experts noted on Monday.

In the first half of 2017, new orders received by Chinese shipbuilders plunged by 29 percent year-on-year in terms of total estimated freight volume for the new ships, according to data released by the China Association of the National Shipbuilding Industry (CANSI) on Friday.
The order backlog fell by more than 30.5 percent year-on-year as domestic shipbuilders completed orders 57.4 percent more quickly than in the same period last year, the data showed.