When China Rongsheng Heavy Industries announced in December that it had received a big order to build crude oil tankers, it raised fears among many of the world’s shipowners.
Many thought the order might signal the start of a concerted Chinese effort to boost employment in the country’s shipyards and build up its merchant fleet – and further flood oversupplied, depressed shipping markets.
Yet last week, the same shipyard’s first-half figures illustrated how shipbuilders face substantial problems of their own.
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