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

Shipbuilding

ClassNK Approves Fillet Welding Consumable

Classification society ClassNK announced that it has granted type approval for the new MX-200F welding consumable, developed by Kobe Steel Co., Ltd. (KOBELCO) to

Damen Lays Keel for Indonesian Naval Frigate

In accordance with the agreed planning in the contract for the construction of a Damen SIGMA Frigate for the Indonesian Navy, the keel laying ceremony has taken place on April 16,

Offshore Service Vessels Design Innovation

It could be argued that no other sector of the maritime market has experienced a design innovation revolution quite like the Offshore Service Vessel (OSV) market.

News

UN Seeks Sanctions Waiver to Ship Arms to Mali

The United Nations is seeking an exemption from a U.N. Security Council arms embargo on Ivory Coast so it can ship weapons and military equipment across the East

TEPNG Integrates AVEVA Engineering & Design

AVEVA announced that TOTAL E&P Nigeria Ltd. (TEPNG) has adopted AVEVA’s Engineering & Design solutions as part of an Integrated Engineering & Design approach. TEPNG

US Navy Vessel Heads Home Following Fire

U.S. Fleet Forces announced late Monday that USS Hue City (CG 66) would return to her homeport of Mayport, Fla. on her own power following a fire that occurred April 14.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.0798 sec (13 req/sec)