China Targets Shipbuilding Sales of $189 Billion By 2015
SHANGHAI -- China aims to increase annual sales by domestic shipbuilders to $189.7 billion by 2015, as it works toward its goal of becoming the world's leading shipbuilding country, the Ministry of Industry and Information Technology said. China also plans to raise the value of annual shipbuilding exports to more than $80 billion by 2015, the ministry said, in a five-year plan for the shipbuilding industry. The plan provides new details regarding China's push for significant growth in domestic shipbuilding at a time when the industry already faces overcapacity. A recent report by the China Association of the National Shipbuilding Industry showed that total new orders from more than 1,500 shipbuilders in China fell more than 50 percent last year.
China's Shipbuilding Strives for Top Spot
According to reports, China strives to become the world's largest shipbuilder. Last year China maintained its position as the world's third-biggest shipbuilder, a rank it has held for 12 consecutive years, as ship export volume surged 74 percent to $8.11b. Two leading domestic shipbuilders, Dalian Shipbuilding Industry Co Ltd and Shanghai Waigaoqiao Shipbuilding Co Ltd, became world top-10 shipbuilders, joining a list that was before the sole domain of Japanese and South Korean companies. Chinese shipbuilders produced 14.52 million deadweight tons last year, nearly 20 percent of the world's total, compared to only 6 percent of the global market in 2000. Their profitability has also improved.
