The growth of Chinese shipyard new orders slowed down further to a year-on-year rate of 9.4% for the first 11 months of 2014.

New orders in the first 11 months of 2014 were at 56.8Mdwt, the China National Association of Shipbuilding Industry (CANSI) said today.

The growth in new orders reached 15.7% y/y for the first 10 months of 2014, which was also considered a slow down.

Related news: China new orders slow to 15.7% y/y increase

The orderbooks of the Chinese shipbuilders grew 27.8% y/y to 152.33Mdwt at the end of November 2014 because of the surge in new orders placed at Chinese yards since mid-2013.

The completed tonnage at Chinese yards fell 16% y/y to 32.6M dwt during the period from January to November. The fall in completed tonnage came as the new orders won by Chinese yards since mid-2013 have yet to be delivered.

Due to the soaring new orders since 2013, a total of 87 companies in the Chinese shipbuilding industry surveyed by CANSI posted a 13.6% y/y rise in operating revenues to CNY272Bn ($44.2Bn), with gross profits down 7.5% to CNY4.7Bn.