China's shipbuilding industry saw contraction in 2011

Chinese shipbuilding sector experienced a sharp decline in orders last year as ship owners did not want to expand their fleet size on the bleak economic situation, reported the NDRC. Shipbuilding orders fell by 47.3% on annual rate to 33.69 million DWT last year in the period between January and November. Ship export expansion also slowed down as ships produced for overseas delivery totaled 291.3 billion yuan, up 14.1% on a yearly basis from 17.2% growth in 2010.