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

Shipbuilding

MN 100: ContainerTug B.V.

The Company: ContainerTug B.V. is a specialized Dutch naval design engineering and construction company with a strong focus on developing workboats and the evaluation

Oman Drydock Company Expands Rapidly

Oman Drydock Company (ODC) is growing fast. In January, the yard hit an important milestone - its 300th drydocking. Harnessing the power of its new $1.8 billion, 1.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Finance

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

Greek Coastguard Rescues 2,500 over Three Days

Greece's coastguard has rescued about 2,500 migrants and refugees off the country's eastern islands over the past three days, authorities said on Monday, as the

CMA CGM 2Q Post Higher Profit

In the second quarter, CMA CGM demonstrated the strength of its business model by significantly outperforming the market, despite a sharp fall in freight rates

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1964 sec (5 req/sec)