More than one in two cancellations are in China

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Shanghai: 55.65% of the 7.862m cgt terminations seen globally have happened in China thus far. The current global orderbook stands at just shy of 158m cgt.
These statistics were provided by Matthew Flynn (pictured), md of shipbuilding database Worldyards, while speaking at TradeWinds’ Shipping China Energy conference in Shanghai this morning.
21.32% of the 2010 China yards orderbook are being built at greenfield yards in CGT terms led by bulkers. 2010 marks the height of the global orderbook, Flynn noted.
“The majority of contracts are performing” in China, he maintained. Flynn said that the difference between Korea and China when it came to shipyard aid was that the former was reacting to the crisis, a form of rescue capitalism while China was continuing its long held tradition of state capitalism.  [29/04/09]