China's biggest yards were all fighting for pieces of the latest round of Valemax ore carriers last year but now the yard that won the lion's share — Shanghai Waigaoqiao Shipbuilding (SWS) — has found the job a money loser and written down the value of 14 ships of 400,000 dwt by CNY 603.7m ($89.4m).
The news is buried in a financial filing by China State Shipbuilding Corp (CSSC), detailing the reasons for huge losses at SWS in 2016.
