Shipyards mired in troubled waters

Struggling Chinese shipbuilders may see a significant fall in orders this year, and expect the anticipated government stimulus plan to help then stay afloat.

Domestic shipyards are expected to get new orders of only 20 million to 30 million deadweight tons this year, a 48.4 percent to 65.6 percent fall from the 58.18 million deadweight tons last year, the China Association of the National Shipbuilding Industry said in a report.

The international shipbuilding industry has already started feeling the pinch from the global economic downturn since last September. In December, new orders worldwide plunged to only 21 million deadweight tons, down 99.2 percent year-on-year, according to statistics from Clarkson Research Service, an independent consulting firm.