China's private-owned Nantong Mingde Heavy Industry was suffering from strike by deferred wages on August 27, but it paid two days after and settled down.

The management revealed that the company had difficulties in financial situations amid troubled market and tightened financing from banks and was not able to pay some 4,500 staffs at the same time.

According to Mingde, the shipyard is placed China's first and world's third in PCTC and stainless chemical carrier segments, each.

Also, the shipyard secures 25 vessels, totalling $1.1bn of orderbook, which covers works by 2015. Therefore, the Chinese shipyard is optimistic about the future.

source:asiasis