About 50 percent of ship-building companies in China may go bankrupt in the next two to three years, Serenities Daily reported, citing Tan Zuojun, general manager of China State Shipbuilding Corporation.

Global new orders in the first five months was 6.7 million Compensated Gross Tonnage, down 50 percent year-on-year, Securities Daily reported citing Clarkson Research.

The total value of these new orders amounted to $22.3 billion, decreasing at an annual rate of 47 percent year-on-year, according to Clarkson Research.