Revenue at the shipbuilder slumped 78.4% to CNY 340m versus the CNY 1.6bn seen in the corresponding period last year.

“For the period under review the unfavourable operating environment for shipowners persisted amid the unsatisfying performance of the global shipping market,” Rongsheng said.

As a result, it said shipowners were requesting that shipyards postpone the delivery of their newbuildings.

As a consequence it said this reduction in production activity at its core shipbuilding segment led to the significant decline in its revenue.

Despite