Statistics from China Shipbuilders Association show that 313 out of 1,519 major shipbuilding companies in China were in red during the first quarter of 2011, three more than in the same period last year.

Quarterly losses totalled Rmb1.11bn, up 28.8 per cent over the same period last year. New orders were up 6.6 per cent to 13.62m dwt, but orders in hand were down by 6.2 per cent from the end of the year to 183.76m dwt.