Turkish shipyard owners lose all hope

Turkish shipyard owners have reportedly lost all hope, according to a report by Asiasis, which highlighted the depth of trouble shipyards in the Tuzla region are experiencing. Production fell by 90 percent in 2009 and the order book statuses are looking very bleak. The German Government is reportedly calling on South Korean yards to accept late deliveries and defer payment installments from German shipowners. Analysts are continuing to make gloomy forecasts for the next few years for Chinas shipbuilding industry. Despite China reporting a gross output value growth of 28.7 percent to US$80 billion in 2009, the growth rate has dropped by 31 percent, Chinas Ministry of Industry and Information Technology said.

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