Photo: CSSC
China has approved the long-rumored merger of its two largest shipbuilding conglomerates, China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC).
Approval by China’s State Council was announced Friday in a statement posted to the China’s State-Owned Assets Supervision and Administration Commission website.
The combined enterprise, named China Shipbuilding Group, will have annual revenues of approximately $141.5 billion, according to Chinese media reports, a figure that would dwarf that of its South Korean rivals and rank the new group as the world’s top shipbuilder.
CSIC was part of CSSC until it was spun off by the Chinese government in 1999. Rumors of their re-joining began circulating in March 2018, but it wasn’t until this summer that the two confirmed the merger plans.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,874 members that receive our newsletter.
Have a news tip? Let us know.
The U.S. Congressional Budget Office (CBO) has projected the construction of 18 medium landing ships for the U.S. Navy to cost anywhere from two to three times higher than the...
By Tony Capaccio (Bloomberg) — The shipyard producing the US Navy’s new frigate has been hobbled by a failure to “achieve engineering and skilled workforce levels” for the medium-sized vessel, according...
Secretary of the Navy (SECNAV) Carlos Del Toro underscored the urgent need for modernization and expansion in the domestic shipbuilding industry during his keynote speech this week at the Navy...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,874 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
