China's shipping service industry has been in deteriorating situation and it may see a wave of bankruptcy and restructuring in 2016, says the China shipping industry climate report for the fourth quarter released by the Shanghai International Shipping Institute on Tuesday.
According to the report, the China shipping climate index was 83.37, staying in the contraction area for four straight quarters; the China shipping confidence index stood at 51.44, which has been in the depression zone for four and a half years.
Looking forward, the report predicts China's shipping industry would continue to face growing downside pressure in the first quarter of 2016 and it may trigger a bankruptcy and restructuring wave in the industry, especially for dry bulk shipping companies.
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