CANSI stated that

Over January-April, the global freight market was fragile and weak in general, a situation that caused continuing declines in new orders worldwide.

Yet, during January-April the speed of decrease in creating new business relations amongst the Chinese yards was slower by 30%, in comparison to January-March.

In the meantime, in the timeframe from January to April, China completed 13.25 million dwt of new vessels, increasing by 13.3% on year, amongst which 12.39 million dwt were for export, up by 13.7%.

CANSI supports that the continuous increase in completing new vessels, and the slowing decrease in new shipbuilding orders is mostly due to the fact that the Baltic Dry Index experienced important increases in April.

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Concerning April, the backlog of orders amounted to 85.55 million dwt, 8% down on year and 2% less than the end of March.

BDI, the world’s bellwether of the dry bulk freight market, increased by 32.5% on month to 913 as of April 29 before continuing to rise to 1,032 on May 15, Mysteel Global reports.

Concluding, CANSI highlighted that regulations implemented by the IMO concerning fuel consumption is another area that could boost domestic shipbuilders get more orders.