PARIS, Dec 5: Representatives from the world’s leading shipbuilding nations opened a two-day meeting here Thursday aimed at reducing over-capacity in the shipbuilding industry, which has sent ship prices plunging.

The meeting was called at a time when shipbuilders are turning out 15 per cent more vessels than the market can bear, largely as a result of government subsidies, according to the Organization for Economic Cooperation and Development (OECD), which is sponsoring the talks.—AFP