CANSI: China's Apr new ship orders slump 49% YoY

Total orders for new ships received by China's shipbuilders in April posted a hefty 49% on-year decline to reach 5.46 million deadweight tons (DWT), according to the latest data from the China Association of National Shipbuilding Industry (CANSI).

The plummet in orders last month reflected the fact that last year's surge in new ship orders has digested the market demand in advance, while new orders this year are mainly for vessel upgrading and for meeting environmental protection requirements, according to a recent Mysteel research report. In addition, the