China’s shipbuilders’ order books fell 3% in October vs. September to its lowest level since May 2013. This was the result of vessels built outstripping new orders by a factor of 10.6-to-one. This means builders, led by China State Shipbuilding, Jiangsu Yangzijiang and Jinhai Heavy according to Panjiva data, now have just 32 months of work vs. 39 months over the previous 12 months. China’s export earnings year to date are 20% lower than the same time last year.