Aug. 3, 2012 (China Knowledge) - The gross industrial output of the 1,630 large and medium ship enterprises in China
saw slower growth of 4.7% YoY to RMB 397.1 billion in the first six months of this year, according to the latest statistics released by the China Association of the National Shipbuilding Industry.
The gross output of the ship manufacturing sector climbed only 0.5% YoY to RMB 299.9 billion.
The output of completed ships rose 4.2% YoY to 32.2 million deadweight tons in the first six months. The industry's new orders plunged 50.3% to 10.74 million deadweight tons during the period, due to the weak shipping market.
As of the end of June, the outstanding ship orders had dropped 30.7% from a year earlier or 16% from the end of 2011 to 125.87 million deadweight tons.
The ship industry's gross profit experienced larger decline of 27% YoY, reaching RMB 12.6 billion in the first five months, while its core business revenue rose 5.3% to RMB 264 billion.