China's newbuilding orders tumbled 62.1 percent year-on-year to 20.38 million dwt in the first ten months of this year, according to data released by China Association of the National Shipbuilding Industry (CANSI).

In addition, the nation's orderbook in the shipbuilding industry had hit 132.01 million dwt as of the end of October, a drop of 14 percent from a year earlier. The shipbuilding completions increased 15.4 percent YoY to 32.87 million dwt during the January to October period.