Losses for China Shipbuilding Industry

By Finance

The major revenue of 80 largest shipbuilding companies dropped with 22.4% to 84.1 billion yuan ($13.7 billion) from the start of the year, information from the Ministry of Industry and Information.

One of the biggest shipbuilders in the country, CSSC Jiangnan Heavy Industry, announced that for the first 6 months of the year revenue dropped almost 40%. The market is not stable and still sluggish and the number of orders is small.

According to press information shipbuilding companies are having serious financial problems. For that reason Chinese banks
start to tighten the credit lines for this sector, making the situation even worse.