China Shipbuilders' Losses Seen Widening

MarineLink.com
Wednesday, July 31, 2013

The core business revenue of 80 major shipbuilding companies declined 22.4 percent to 84.1 billion yuan ($13.7 billion) from January to May 2013, according to data from the Ministry of Industry and Information quoted by China Daily.

CSSC Jiangnan Heavy Industry - the Shanghai-listed arm of China State Shipbuilding Corp, one of the nation's largest shipbuilders - reported its first-half revenue for year 2013 dropped 39.49 percent year-on-year to 319 million yuan ($51.63 million), and it reported a loss of 61.52 million yuan for the same period. It added the market is still sluggish and that orders are drying up, which dragged down both its core business and its non-shipbuilding revenue.

Meanwhile, accoding to China Daily, as shipbuilding companies are posting hefty losses, the major Chinese banks are starting to tighten credit lines for the sector, which may compound difficulties and make it more difficult for the companies to overcome the current slump.

Source: China Daily

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

SHIPPINGInsight Extends Early-bird Registration

SHIPPINGInsight 2014 is extending the deadline for early-bird registration to Sept. 15. Attendees registering online at www.shippinginsight.com/choose-event prior to midnight Sept.

New Double-ended Ferry for Norderney

New double-ended ferry serving the North Sea island of Norderney – Safe and eco-friendly maneuvering in shallow, high-sediment water using Voith Schneider Propellers Ferries

Latest Ocean-Going Shipbuilding Orders

Clarkson Hellas notes in its latest 'S&P Weekly Bulletin' shipbuilding orders placed in the dry bulk, tankship, gas carrier and containership sectors, as follows: Dry

News

SHIPPINGInsight Extends Early-bird Registration

SHIPPINGInsight 2014 is extending the deadline for early-bird registration to Sept. 15. Attendees registering online at www.shippinginsight.com/choose-event prior to midnight Sept.

Warming Aids Arctic Economies, but Short of 'Cold Rush'

Climate change is aiding shipping, fisheries and tourism in the Arctic but the economic gains fall short of a "cold rush" for an icy region where temperatures are

Pearl Seas Cruises Embarks on Inaugural Sailings

Just six weeks into its inaugural season, Pearl Seas Cruises has announced the successful start of its 210-passenger flagship, Pearl Mist, which currently operates

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1018 sec (10 req/sec)