Record orders for new cargo vessels mean that shipyards across the globe are running at full capacity, led by dry-bulk carriers to carry raw materials, particularly to China. At the lower end of the shipbulding market, the PRC is rapidly expanding its yards and enjoys significant comparative advantages over its main rivals, Japan and South Korea. Its shipbuilders are turning to the capital markets to fund their growth, offering equity investors access to a booming sector.
The...
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