Chinese shipyard new orders slumped 78.1% year on year (y/y) to 6.63 million dwt from January to April, the China National Association of Shipbuilding Industry (CANSI) said.
The orderbook of the Chinese shipbuilders fell 6.8% y/y to 139.96 million dwt at the end of April, or 6.3% down from 31 December 2014.
The plunge in new orders came after Chinese shipbuilders ended 2014 with a 14.2% y/y drop in awarded orders, as buyers cut back on spending on new ships since late 2014.
The completed tonnage at the Chinese yards grew 20.4% y/y to 12.47 million dwt during the same period.
For exports, new orders also fell 80.5% y/y to 5.66 million dwt, accounting for 85.4% of overall new orders placed at Chinese shipyards.
A total of 88 companies in the Chinese shipbuilding and relevant industries surveyed by CANSI posted 5.3% y/y rise in operating revenues to CNY87.6 billion (USD14.1 billion), with gross profits down 15.9% y/y to CNY1.85 billion.
The industrial output values of these companies increased 10.8% y/y to CNY129.4 billion, with those for shipbuilders, marine equipment makers, and ship repairers up 14.7% y/y, up 12.1% y/y, and down 2.6% y/y respectively.