China's Shipyards to Double Capacity

According to a Bloomberg report, China's two largest shipyard groups plan to double capacity by 2010, aiming for the top spot in world shipbuilding.

China State Shipbuilding Corp., the nation's biggest, will reportedly have a potential 12.3 million deadweight tons output by 2010 from 6.02 million last year. China Shipbuilding Industry Corp. will aim to double its annual capacity to 10 million deadweight tons.

China has 24 percent of the global order book for new ships, South Korea has 33 percent, according to London-based shipbroker Clarkson Plc.