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...]
China’s Domestic Cruise Market Shows Big Potential, CSSC Signs MoU With Carnival
SHANGHAI, Oct 15 (Reuters) - China, the world's largest shipbuilder, is looking to build its first luxury cruise vessel, with help from cruise operator Carnival Corp and Italian shipyard Fincantieri SpA, as the country looks to expand domestic tourism. Carnival said on Wednesday it has signed a memorandum of understanding with China State Shipbuilding Corporation (CSSC), … [Read more...]
COSCO Signs Another 10-Ship Newbuild Order
China COSCO's fleet upgrade program continues today with an order for ten more bulk carriers including six of 81,600 dwt and four of 208,000 dwt. The orders were placed at CSSC's Chengxi Shipyard and Waigaoqiao Shipbuilding for a total consideration of US$188.88 million and USD $231.6 million, respectively. The orders were made via COSCO's wholly-owned investment vehicle … [Read more...]
Wärtsilä Sells Majority Stake of 2-Stroke Engine Business to China State Shipbuilding Corp
From now on, Wartsila's 2-stroke engine business will be listed as "discontinued operations" following an announcement today that it has sold a 70 percent stake in that business unit to China State Shipbuilding Corporation (CSSC) via a new joint venture. The transaction is valued at approximately EUR 46 million which now makes CSSC the number 2 two stroke engine builder in … [Read more...]