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Currently, my shipyard is level 7... and its only producing 1 BattleCruiser for 3 hours... I need to produce 1 BattleCruiser for 1hour&30minutes...
What shipyard level do i need to reach? i have only 4 vacant slot in my planet...
So if i reach level 11, will it produce 1 BattleCruiser for 1hour&30minutes?

Well ... I don't think so ! To build a battleship that fast you will need either a Terteth factory or some like 13 or more Shipyard ! It's realy expensive, and in case you aren't a tradesman I don't think you need such level - It will probably be better (if you aren't noxis) to build up to Market level 7 and buy ships - it's really better to buy them for a second, than waiting for them (so you won't need higher level of ShipYard unless you go for Destroyers - they need level nine and you'll still buy them from the Intergalactic ship market but upgrade the level as well )

So in case you aren't Noxis this is the optimal ... option

The problem is sometimes no one is selling Battlecruiser
Like 3 days ago, no one is selling Battleship... I waited for one more day but still no one is selling... So i decided to start building bcoz am getting bloated with resources... And my building is queue for another 48 hours
Ok, now 170 battlecruiser is being sold... But i can't cancel my building...
Bottom line is, i don't want to depend on the market because sometimes they are not selling but seems like i have no choice...

That's why you see who sells the ships ... And make some deals - find connections, make arrangements ! You play in Uni 3 ... right ? There are plenty of people who can be asked for such things - I build up ships very slowly but now I'm going for terteth so increasing of amount will there be (as Ioda would of said )

And one more thing - seems like you have no choise

There should be many Noxis players selling BattleCruiser...
And this ship rocks... better than Destroyer (debateable) for resources wise
And this ship gets more boost from Tech Researches (based from my battle simulation)...

Anyway, going back to your question, better befriend a Noxis player with High Score or build a Tertech instead of many shipyard...
Basing from the production you need... 1 Battleship for 1hour & 30mins, you can start building Tertech Factory in a day or two... But then it'll finish for another couple of days... Building the first Tertech factory takes days