2010 and the Rise of Sinopacific Shipbuilding Group

(Press Release)
Thursday, December 23, 2010

It might be hard to judge now if the global shipbuilding industry is recovering, but an encouraging story is certainly taking place in China in 2010. According to Clarkson Research Services, China overtakes Korea as the world's top shipbuilder in the first half of 2010 and kept ahead in terms of three major industry indicators, including new orders, order backlogs and delivery. As China’s leading private shipbuilding company, Sinopacific Shipbuilding Group is a significant driving engine of the industry development and made a rapid growth in the past year. According to the data, till the end of November this year, Sinopacific Shipbuilding has delivered 54 vessels in 2010, and completion DWT amounted to 1.8 M. In terms of order backlogs, there are nearly 4.2 M DWT in the pipeline. As a highlight of these achievements, Sinopacific had signed a frame agreement with Bourbon in June that worth USD 1 Billion for building 62 offshore vessels, which is the largest ship building order in China after the global financial crisis in September 2008.

“In light of our clear corporate position of ‘perfection in simple products, leadership in niche markets’, we provide unique value to our clients. With a strategic international vision and strong integration capacity, Sinopacific wins trust and many partnership opportunities from overseas. ” Mr. Simon Liang, CEO of Sinopacific Shipbuilding Group said. In 2010, almost all orders are from international clients.

Facing the tough competitive situation in shipbuilding industry, Sinopacific Shipbuilding Group attributes the past achievements to its innovation throughout all aspects, including management mode, marketing and engineering capability, etc. Sinopacific Shipbuilding Group implements a new management mode, moving from “group level – yard level” to “ONE BODY” type of organization, which helped the company raise its productive efficiency. Sinopacific Shipbuilding Group is the first Chinese shipbuilder to provide self-designed products in series as the brand building strategy. The leading and integrated design system ranging from concept design to production design, with an independent R & D capability also enables Sinopacific Shipbuilding Group to provide prompt and tailor-made solutions meeting client needs. In the past years, there are almost 10 types of vessels which are completely designed by Sinopacific Shipbuilding Group.

China shipbuilding industry is growing fast but still has a long way to go from various aspects. Only by developing core technology according to customer’s needs, can we get
rid of price competition. In the future, Sinopacific will put more emphasis on safety, fuel efficiency and Green concept which is required by the overall sustainable development trend. We believe these will be key factors to determine shipbuilder’s future. ” Mr. Simon Liang said. Just recently, Sinopacific Shipbuilding Group put forward the concept of “LTV (Load to Value)” which addresses the load efficiency by comparing fuel consumption against load capacity.

In the coming 2011, Sinopacific Shipbuilding Group expects to improve its production efficiency by producing 24 vessels in one dock in one year. There will be more milestones for group’s development. In the 1st quarter of 2011, the 100th OSV and several 1st vessels, including SX130, GPA696, PX105 OSVs and 1st Crown 118 bulk carrier, are scheduled to be delivered; the steel cutting of the new designed Crown 63 bulk carrier is also planned to be started.



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