Laborers stand on a new ship at a Rongsheng Heavy Industries shipyard in Nantong, China, in 2012. The troubles at Rongsheng, China's largest private shipbuilder, mirror what's happening in the global industry.
September 17, 2013 One word: oversupply. Too many ships were built before the 2008 global economic crisis. This drove down shipping rates, forcing the industry to scale back. The effects are still being felt. This week, a Finnish shipbuilder said it would close a yard that employed 700 workers.
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