China’s shipbuilders saw their orderbook drop to the lowest in over five years in November. While new orders picked up to their highest since July, this was outpaced more than three-to-one by production. The remaining order book of 103 million dwt is equivalent to just 28.5 months work. Panjiva data shows the industry remains highly fragmented, with no manufacturer having more than 6% of the $13.3 billion export industry over the past 12 months.