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China shipbuilders’ profits plunge on high input costs

ABSTRACT

China’s shipbuilders saw their profits slump by a huge 40% on year to reach Yuan 1.02 billion ($157.5 million) over January-May, despite the recovery of the global shipping market, according to a release from the China Association of National Shipbuilding Industry (CANSI) on July 26. High production costs were blamed.
During this year’s first five months, the main business revenue of China’s sizable shipbuilding enterprises grew by 15.1% on-year to reach Yuan 103.1 billion, the CANSI data showed. Meanwhile, Chinese shipbuilders concluded new vessel orders totalling 38.2 million dead weight tons (dwt) in H1, skyrocketing by 206.8% on year, as

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