China’s 80 major shipyards saw their combined profit fall 49.8 percent in the 10 months to October, the Hong Kong Economic Journal reported Tuesday. Combined revenue was down 13.9 percent, the report said, citing Su Bo, vice minister of the Ministry of Industry and Information Technology. Global overcapacity is expected to continue, making recovery long and arduous, Su was quoted as saying. However, China continues to lead the world in new and existing orders, the report said.
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