China Rongsheng Report 2012 Revenue Cut by Half

Press Release
Wednesday, March 27, 2013

China Rongsheng Heavy Industries release financial results for the twelve months ended 31, December 2012.

In 2012, the Group recorded approximately RMB 7.96 billion in revenue, a year-over-year decrease of 50% from RMB 15.9 billion.

Losses attributable to equity holders of the Company were RMB 572.6 million, compared to earnings of RMB 1.7 billion in 2011. Mr. Chen Qiang, Chairman of the Board of Directors and Chief Executive Officer of China Rongsheng Heavy Industries, said:

“The sluggish global shipping market continued to reduce new shipbuilding prices and deteriorate payment terms, as global new shipbuilding orders plunged to their lowest level in a decade. Under adverse market situation, constructions and deliveries in our core shipbuilding segment have suffered from delays, leading to a decline in our revenue."

"Shipbuilding is the Group’s core business and its major revenue contributor. During the Period, revenue from the shipbuilding segment reached RMB 7.56 billion, representing 95% of revenue. According to Clarkson Research, global new shipbuilding orders decreased 44.5% year-on-year measured in deadweight tonnage (“DWT”), and new shipbuilding orders in China fell 45.2% year-on-year for the Period. New shipbuilding prices also suffered a drop of 9.2%. In response to the adverse market environment, we adopted a defensive sales strategy."

"Supported by our solid order book, the Group remained vigilant in avoiding low-price new orders or new orders with unfavorable payment terms. This enabled us to lower operating risks and consolidate our resources to gravitate towards the higher end of the value chain. During the period, thanks to the enhancement of the Group’s production efficiency and management capabilities, our delivery volume reached a record-high of 21 vessels with 3.9 million DWT, representing a year-on-year increase of 49.7%, and which includes 6 Very Large Ore Carriers and the Group’s first 6,500-TEU containership."

"According to Clarkson Research, our orders on hand accounted for 11.9% of market share in China and 5% of worldwide market share measured by DWT, ranking first in China and third in the world."

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Liebherr Reports Record Year for Offshore Cranes

With 87 units delivered in 2014, Liebherr offshore cranes achieved a new per year delivery record, more than doubling its delivery numbers from 2012. And according to Liebherr,

Viking Neptun Delivered for Technip

Viking Neptun was delivered from Kleven Verft to Eidesvik on February 17, and the naming ceremony was held in Stavanger on February 28. The vessel’s Godmother,

MOL Expands Container Fleet

Mitsui O.S.K. Lines, Ltd. has signed a deal for construction of four 20,000 TEU containerships with Samsung Heavy Industries. MOL also concluded an MOU for long-term chartering of two 20,

Finance

Royal Caribbean to Sell Splendour of the Seas

Royal Caribbean Cruises Ltd. announced that it has entered into an agreement to sell its cruise ship Splendour of the Seas to TUI Cruises in the second quarter of 2016.

Johan Sverdrup Contract to "Pioneering Spirit"

Statoil has signed a contract with Allseas for installation of three platform topsides on the Johan Sverdrup field.   The vessel will be installing the topsides for the drilling,

Record Thames Ridership

A record 9.8 million passengers are using the River Thames‎, two years on from the launch of the Mayor's River Action Plan, it was announced today. The River Action Plan,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2355 sec (4 req/sec)