Ask any shipowner, shipbroker or shipyard manager about where the balance of the world's supply of ships and yard capacity resides and the answer is always China.
But the big question is how China will face up to the deterioration of market conditions threatening in the important shipbuilding nations.
As recently as 2004 the country was the world's number three shipbuilder – but since then China has built yards and taken in orders so fast that its order book has now overtaken South Korea's, long the market leader, according to figures presented by Korean shipbuilders to a recent OECD meeting about shipbuilding.
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