Sector floats into calmer waters

China's maritime industries shifted to the "new normal" in 2014, with slower but more sustainable growth, according to the annual maritime economic statistics report released by the State Oceanic Administration on Wednesday.

The report said the country's offshore oil and gas industry generated 153 billion yuan ($24.7 billion), a drop of 5.9 percent over the previous year. The sea salt industry was valued at 6.3 billion yuan, a drop of 0.4 percent.

The shipping market has been experiencing an extended downturn, according to the report, although the oceanic transportation industry was stable last year but with slower growth.