New orders for China’s shipbuilders increased by 420% year-on-year in the first seven months of 2010, state media reported, citing a report by the China Association of National Shipbuilding Industry. New orders during the period amounted to 33.3 million deadweight tons, including orders for 9.54 million tons in the month of July alone. Total shipbuilding output for the first half was up 87.4% year-on-year to 35.2 million tons, and the value of these goods rose by 22.7% to US$54.8 billion. However, some analysts fret that this massive growth is fueling overcapacity in the container and oil carrier business, especially as anemic recoveries in Europe and the US continue to depress demand.
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