China May Lose Half of Shipyards in 2009, Securities News Says

China may lose as many as half of its shipbuilders next year as the global financial crisis forces companies to close down, Shanghai Securities News said, citing Ren Yuanlin, chairman of Yangzijiang Shipbuilding Holding Co. About 40 to 50 percent of Chinese shipbuilders will shut in the coming 6 to 12 months, the newspaper reported. Shipping lines will postpone deliveries and cancel orders as sea-cargo demand plunges, the newspaper said.