Chinese newbuilding completions more than 50% ahead

From Jan to Nov this year, China’s shipbuilding output was 56.76m dwt, a 55.4% increase year-on-year, according to the latest report of the China Association of the National Shipbuilding Industry (CANSI) released today. Full year output is expected to exceed 61m dwt with a further 200m dwt of orders in hand.
New orders received during the 11-month period totalled 63.98m dwt, almost three times the amount during the same period of 2009. Meanwhile, order cancellations at Chinese yards dropped significantly compared with the same period of last year: only 42 orders totalling 909,000dwt were cancelled, accounting for just 0.45% of the national orderbook,