Delay in Relocating Guangzhou Shipyard
Guangzhou Shipyard International (GSI) has not commenced the relocation of its factory. According to the plan of Guangzhou city, the shipyard should have finished factory relocation by the end of 2015 but the schedule is now delayed.
According to local media reports, the shipyard is still operating normally and not showing any sign of relocating. However sources said that a funding over RMB10 billion ($1.6bn) for moving is expected.
Another report says that the shipyard is busy working on a series of new build projects and the relocation is still under planning and the shipyard hasn’t decided on the exact time to relocate.
Currently GSI has a shipbuilding facility that occupies nearly 500,000 square meters land in the downtown area of Guangzhou. The city government has required the shipyard to relocate to meet the city's development demand.
The Chinese shipbuilder posted a profit of RMB151.5m ($24.24m) in 2014 as against a loss of RMB218.57m in 2013.
Last year, GSI commenced the building of 23 ships, launched 25 ships and completed construction of 18 ships of 1.34m dwt, which represented an increase of 13% year-on-year in tonnage terms.
