China's Young, Burly Shipyards Sinking Fast

(Beijing)–There's plenty of water but the gold is disappearing along a strip of the Yangtze River that China's shipbuilders call the "golden waterway."

A dramatic slowdown for the industry has reversed the fortunes of companies such as Jiangsu Jiuzhou Shipyard Co. Ltd., one of many yards that sprang up during a short-lived bull market for big ships such as oil tankers and container carriers.