Chinese shipyards have powered ahead and now produce more ships than anybody else, but the business of shipbuilding is becoming increasingly difficult and profits harder to come by.

Although still major players and the world's biggest tanker producers, South Korean mega-yards no longer dominate every sector of the market. China is making more bulk carriers than any other ship producer in the world and Japan is also making a comeback, partly spurred by a lower yen, which makes it an attractive market for ship buyers.

"Who still leads the pack? Well, it's China," said Martin Rowe, managing director of Clarkson Asia Ltd.