By Bloomberg News (Bloomberg) -- China’s government is working on a plan to combine its two biggest shipbuilders to create an industrial giant that would dwarf its South Korean rivals, according to people with knowledge of the matter. The state council, China’s cabinet, has given its preliminary approval to merge China State Shipbuilding Corp. with China Shipbuilding … [Read more...]
China to Inject New Capital Into State-Owned Shipyards
SINGAPORE, Jan 25 (Reuters) - China State Shipbuilding Corporation's listed units CSSC Holdings and CSSC Offshore & Marine plan to bring in major investors to inject about 10.2 billion yuan ($1.6 billion) of capital into four shipyards. China's shipyards have been suffering from a prolonged downturn in the shipping industry and both companies said the planned capital … [Read more...]
South Korean Shipyards in Tough Battle with Undercutting Chinese Rivals
By Mike Wackett in Busan (The Loadstar) - South Korean shipyards are in a battle with Chinese rivals, over construction of ultra-large container vessels, that they cannot win. That was the general consensus among delegates attending the 11th annual World Ocean Forum conference in Busan last week. In August, South Korea’s largest shipbuilder, Hyundai Heavy Industries … [Read more...]
China’s Yangzijiang Shipbuilding Shares Hit Six-Year High as Q2 Profit Jumps
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...]