CANSI says 6m dwt of ship orders cancelled

The China Association of the National Shipbuilding Industry (CANSI) has announced that contracts for 172 newbuildings totaling 5,952,000 dwt during a 10-month period from October 2008 to July 2007 had been canceled in China. The finding was revealed in the State of Economic Operations by the Shipbuilding Industry for January-July 2009, a CANSI report released earlier this month. CANSI stated, however, the number of cancellations is based on an approximate estimate, which led Japan’s Kaiji Press to speculate that “the number is actually higher”. During July, deals for six newbuildings amounting to 342,000 dwt were annulled, according to CANSI. On that score, an association official commented, "The temp of cancellations is slowing".