Dec. 4, 2012 (China Knowledge) - The gross industrial output of the 1,630 large and medium ship enterprises in China
saw slower growth of 2.7% YoY to RMB 651.5 billion in the first ten 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 decreased 1.3% YoY to RMB 491.3 billion.
The output of completed ships dropped 15.5% YoY to 46.67 million deadweight tons in the first ten months. The industry's new orders plunged 44.8% YoY to 16.42 million deadweight tons during the period, due to the weak shipping market.
As of the end of October, the outstanding ship orders had dropped 29.5% from a year earlier to 116.63 million deadweight tons.
The ship industry's gross profit experienced larger decline of 34.8% YoY, reaching RMB 21.6 billion in the first nine months, while its core business revenue for the period hit RMB 504.9 billion.