China Launches Three Models LNG Vessels
According to a Feb. 7 report from Chinese news agency, Xinhua, China State Shipbuilding Co. (CSSC), the nation's biggest shipyard, launched three self-developed models of liquefied natural gas (LNG) ships. The three LNG vessels, with a capacity of 160,000 cubic meters, 175,000 cubic meters, and 220,000 cubic meters, are built to meet the increasing shipping demand as the world's economy is on the track of recovery, said the CSSC. (Source: Xinhua)
CSSC to Build Engine Manufacturing Base
China State Shipbuilding Co Ltd (CSSC) has inked a framework agreement with local government to invest to build a shipping parts and accessories production base in , according to China Knowledge. The new production base will be located in Panyu, , which is expected to be the largest marine diesel engine manufacturing base on Mainland . CSSC is now running a marine diesel engine production base in jointly with 's Mitsui Shipbuilding Ltd, with an annual manufacturing capacity of three million horsepower. Source: Knowledge
China: Shipbuilding Profits Soar x 10
China State Shipbuilding Co. said that its 2007 profit soared more than tenfold from 2006, powered by rising global demand, according to a report on www.chinaknowledge.com. China State Shipbuilding predicted in its statement published yesterday that its net profit for 2007 may jump 950%-1050%, without giving an exact figure. While reaping good earnings in its low speed marine diesel engine business, the company also saw significant gains in its ship manufacturing and mending sectors, boosted by China's booming ship industry. (Source: www.chinaknowledge.com)
Share Offer Will Fund Shipping Expansion
China State Shipbuilding Co. said it has completed a private offer of $1.6b worth of new shares to strategic investors to fund expansion. The company sold 400 million new shares to eight investors including its state-owned parent at $3.99 a piece, less than one-eighth of its current share price, according to a filing to the Shanghai Stock Exchange. The share placement was initially announced in January by Hudong Heavy Machinery Co, which in August changed its name to China State Shipbuilding. In January, its shares were quoted around $3.99. But the stock has since rocketed, becoming the most expensive on the mainland market, amid fund buying and an injection of assets by its parent. The company has said it will acquire more assets from its parent.
