Chinese shipyards marked a sharp decline in newbuilding orders in the first quarter of this year, showed the latest data released by China Association of the National Shipbuilding Industry (CANSI).

The country's shipbuilders received newbuilding orders amounting to 5.99 million dwt, down 76.8 percent from a year earlier during the first three months.

The overall tonnage, however, hit 9.47 million dwt, an increase of 27.5% year-on-year. Out of the overall tonnage, some 8.54 million was intended for exports, according to CANSI's data.

The yards' newbuild orderbook stood at 144.93 million dwt by the end of March, down 2.5% when compared to the same period last year.

The country's 88 key shipbuilders posted a joint revenue of CNY64.67bn (around US$26.4bn) in the first quarter of 2015, an increase of 8.9%. The yards recorded a total profit of CNY170m, down 87.8 percent.

The figures are indicative of an ongoing restructuring process within the country as shipbuilders struggle to rationalize overcapacity.