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The host of small private yards that has sprung up in recent years are unlikely to be given support to avoid insolvency.

But he stressed that production would be kept at the current boatyard under Italian management and with its present 15-strong workforce.

"Korean yards seem to be losing out to Chinese yards in order-taking this year, " Morgan Stanley said in a recent report.

They fell madly in love, married and moved to Philadelphia, where Richard worked as a shipyard engineer for fifty dollars a week.

With its big order book, Yangzijiang will be under pressure to handle a steep ramp-up in deliveries.

His first job was at his parents' pub when he was at school and he also worked in shipyard as well as selling insurance.

When I looked again to horror was added chagrin, for with the emerging of the U-boat I had recognized her as a product of our own shipyard.

The yard was completed in October, four months ahead of schedule, something that UBS analyst Hubert Tang sees as a coup for the company.

They showed a new submarine in a shipyard that looked unlike any of the vessels the country's military has in service so far.