SINGAPORE, Aug 8 (Reuters) - China's Yangzijiang Shipbuilding Holdings Ltd reported a 73 percent increase in second-quarter net profit, helped by higher revenue from the construction of larger-size vessels, sending its shares to their highest in more than six years. Yangzijiang posted a net profit 719.9 million yuan ($107.12 million) for the quarter ended June, boosted by … [Read more...]
China’s Yangzijiang Shipbuilding Plans to Cut Another 10% of Workforce 2017
SINGAPORE, March 1 (Reuters) - China's Yangzijiang Shipbuilding Holdings Ltd plans to cut another 10 percent of its workforce in 2017, its executive chairman said, as the company seeks to ride out a prolonged downturn in the industry. The Singapore-listed firm plans to reduce its labour force this year to 18,000 from 20,000, Ren Yuanlin said at an earnings briefing on … [Read more...]
Setting Sights on High-End Market, China Pledges Support for Shipbuilding Industry
SHANGHAI, Jan 12 (Reuters) - China aims to capture up to 40 percent of the global high-end marine equipment market over the years through 2020 while reforming and supporting its money-losing shipbuilding industry, the government said on Thursday. The pledges were laid out in a statement published by six ministries on the website of the Ministry of Industry and Information … [Read more...]
Chinese Shipbuilder to Cut 2,000 More Jobs Amid Ordering Slump
SINGAPORE, Aug 26 (Reuters) - Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up efforts to cut costs as new vessel orders slide amid a volatile global economy. The Singapore-listed firm, which says it is one of the largest private shipbuilding companies in China, … [Read more...]
China Sees Second Shipbuilder Default This Year as Economy Slows
By Bloomberg News (Bloomberg) -- A Chinese shipbuilder failed to make a bond payment due Monday, becoming the second such company to default in the onshore market this year. Wuhan Guoyu Logistics Industry Group Co., which is based in the central province of Hubei, didn’t transfer funds for interest and principal payment to the Shanghai Clearing House before the due time, … [Read more...]
One Chinese Shipyard Is So Unprofitable It’s Literally Becoming a Parking Lot
By Ma Jie (Bloomberg) -- Chinese shipbuilders are under so much financial strain that one of them is literally being turned into a parking lot. China Ocean Industry Group Ltd., which dropped “shipbuilding” from its name in March, acquired a car-park operator last year to meet an estimated shortage of 50 million parking spaces in the world’s most populous nation. The … [Read more...]
China’s Yangzijiang Wins $510 Million Ship Order Amid Weak Demand
By Kyunghee Park (Bloomberg) -- Yangzijiang Shipbuilding Holdings Ltd., China’s biggest private shipbuilder, won a $510 million order to build six very large iron ore carriers to haul the commodity from Brazil. Each vessel will have a capacity of 400,000 deadweight tons and are scheduled to be delivered from 2018 to 2019, the shipbuilder said in a statement to the … [Read more...]