The Chinese shipbuilding industry had a difficult start to 2018, but has a brighter outlook. Total deliveries of new vessels fell 29% on a year earlier in January and February, despite the later-than-previous lunar new year. That was the result of a steady decline in orders that reached a trough in July. A 5.6x surge in new orders on a year earlier is a sign of confidence from the shipping industry, and has meant the aggregate remaining orderbook reached its highest since December 2016. However, the delivery of those vessels may slow the narrowing of oversupply anticipated by both the ta...