Beijing: It will take two or three years for the shipping industry to come to an even balance between supply and demand, Xu Zuyuan, deputy director at the Ministry of Transport (MOT) said during a recent interview with local media.

“The owners are suffering while many shipbuilding yards have died,” Xu said. The coming two or three years should also be the opportunity for toperators to adjust development plans and scrap old ships, Xu continued.

Meanwhile, Yang Chuantang, director of MOT, has said the government is working on supporting policies to the industry.

Source from SinoShip