The problems could be particularly acute in China, which is now challenging South Korea as the world's leading shipbuilding nation but where many of the new yards are privately owned and rely on additional funding for their expansion.

The shipbuilders' problems stem from those of both the shipping and banking sectors, as a slowdown in trading is compounded by the inability or reluctance of banks to extend financing for orders. The Baltic Dry Index (BDI), the global benchmark for the cost of shipping commodities, has slumped to a quarter of its level four months ago.

“We [see] banks withdrawing financing options for new ships,” said Arthur Bowring, managing director of the Hong Kong Shipowners' Association. “To have built up such a large shipyard capacity is quite worrying in such doubtful economic times.”