File photo of Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province

Rob Almeida
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July 11, 2013

rongsheng heavy

A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province in this May 21, 2012 file photo. An appeal for government financial support from China Rongsheng Heavy Industries Group, the country’s biggest private shipbuilder, presents authorities with some stark choices between protecting a big employer and its jobs or letting the firm go under to ease pressure on a sector suffering from overcapacity and sharply falling new orders. Analysts say Rongsheng is possibly the largest casualty of a sector that has grown over the past decade into the worldís biggest shipbuilding industry by construction capacity. Amid a global shipping downturn, new orders for Chinese builders fell by half last year. In Rongshengís case, it won orders worth $55.6 million last year, compared with a target of $1.8 billion. REUTERS/Aly Song/Files (CHINA – Tags: BUSINESS MARITIME)

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