The new vessel orders received by Chinese shipbuilders declined 8.7% on year over January-November, with the decline quickening in pace from the 6.6% on-year fall over the first ten months, according to the latest release from the China Association of the National Shipbuilding Industry (CANSI) on December 18, and the lower backlog due to fewer new orders have been reflected in less steel demand too.
In the first 11 months, new vessel orders totalled 22.5 million dead weight tons (dwt), among which 19.8 million dwt or 87.8% were exports, or down more substantially by 13.5% on year, according to the data. Over January-November, the Chinese shipbuilders completed vessels equivalent to 33.2 million dwt, down 2.6%.
Source:Mysteel
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