The Jiangsu division of China’s National Development and Report Commission has released a notice that it has shut down 23 shipbuilding expansion projects in order to curb overcapacity in the industry.
The projects that have been shut down include the shipyard expansion project in Jiangsu Hantong Ship Heavy Industry, drydock construction and conversion projects in Nantong Mingde Heavy Industry, Yazhou Dayng Shipbuilding, Sainty Marine, and Wison Heavy Industry, and the shipyard relocation and expansion project of Jiangsu New Yangzi Shipbuilding.
The commission said it will tighten the supervision on new shipbuilding capacity in the province and promote mergers in order to optimize capacity.
According to statistics from China Association of National Shipbuilding Industry, Chinese shipyards’s newbuilding orders declined by 65.4% year-on-year to 18.16mdwt in the first nine months of 2015.
