Globally, new orders for vessels were 3.89 million CGT (Compensated Gross Ton) in the first eight months of this year, less than one tenth the amount of the same period last year, industry insiders noted. They forecast the market is more likely to remain that way next year. It will take some time before China could solve the problem of overcapacity in medium plate as the country has been producing more medium plate than it actually needed in recent years.