China’s largest privately-owned shipbuilder blamed the upcoming interim results on the “decline in the shipbuilding market.”
It said: “Orders and the prices of ships have dropped sharply as compared with last year, which has resulted in the decrease in profits.”
The Nantong-based yard is in the midst of building sixteen Valemax bulkers for Brazilian mining giant Vale.
But the Hong Kong-listed shipbuilder has yet to secure any newbuilding orders so far this year.
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