Privately owned Hantong Group has reduced its shipbuilding capacity by almost half since the start of this year in response to the prolonged shipping recession and lower contracting levels.

The company that owns Jiangsu Hantong Ship Heavy Industry (Jiangsu Hantong), Jiangsu New Hantong Ship Heavy Industry (Jiangsu New Hantong) and newly established Jiangsu Hantong WinG Heavy Industry (Hantong WinG) says it will be delivering 17 vessels this year as compared to last year’s 19 units. But in 2018 it will deliver only a dozen ships.