China may see a third of its shipyards shut down in three to five years, an industry group said, Bloomberg reported.
The yards in peril of closure have failed to get any orders “for a very long period of time,” Wang Jinlian, secretary general of the China Association of National Shipbuilding Industry, said in an interview with Bloomberg last week.
They may end operations in three to five years if the “gloomy market persists.”
“Currently financial institutions themselves may have tight liquidity, so they are reluctant to lend money to companies in this sector,” Wang said.