Jiangsu Province’s Economic and Information Technology Commission reviews Q1 2013 province-wide shipyard finances. The review of the shipbuilding industry’s performance showed that 44 privately-owned shipbuilders out of 66 failed to win new orders and none of major seven builders could ink a contract, with 30% of large corporations recording a loss, reports China Shipbuilding Industry Co.

Shipbuilders’ profit margins in Jiangsu appear to be sharply decreasing from 22% recorded in 2010 and four companies out of thirteen majors reported a loss during the first quarter of this year.

Although the province’s newbuilding delivery was up on the same quarter last year, the scope of increase has plummeted with decreasing orderbook standing at 832 vessels of 37.912-million dwt with a remarkable decrease of 27.7% year-on-year.

Recently, according to this source Jiangsu-based COSCO (Lianyungang) Shipyard was reported to have shut down due to a protracted loss. It appears that shipyards which have slots on schedule for a year and a half are resorting to the expedient of delaying lead time and several small while mid-sized yards face closing their businesses.