China's shipbuilding industry has seen 60 million deadweight tonnes in 2012, which represents a drop of 21 percent from the previous year. This is according to Ministry of Industry and Information Technology.
New orders for shipbuilding also tumbled by about 44 percent. Industry experts say the shipbuilding industry would continue to be weak in 2013, and it's unlikely the market will pick up in the short term.
Three listed shipbuilding companies have already released profit warnings for 2012. Sainty marine for example is expected to see its net profit slump by as much as over 50 percent.
Meanwhile, the China State Shipbuilding Corporation forecasts a 100 percent drop in its bottom line.
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