China's Largest Shipbuilders Plan to Merge
China's two largest shipbuilders are planning to merge, their listed arms said in separate exchange filings on Monday, the latest to join a wave of mergers among state-owned enterprises as the government overhauls the sector.The move by China Shipbuilding Industry Corp (CSIC) and China State Shipbuilding Corp Ltd (CSSC), is subject to approvals from related authorities and there are still many details to be ironed out before the proposal can be finalized, the filings showed.A slew of units belonging to the two companies…
China to Build Huge Luxury Cruise Ship
The China State Shipbuilding Corp (CSSC), the nation's largest shipbuilder, will build China’s first luxury cruise ship, which is expected to begin operations as early as 2021, said a report in SCMP.China's first domestically built luxury cruise liner, designed to be bigger than the ill-fated Titanic, will be 323.6 meters long and 37.2 meters wide, will have 3,921 beds and accommodate 4,980 passengers.CSSC has signed an agreement to build the 135,000-metric-tonne cruise ship in partnership with British-American cruise operator Carnival Corporation…
CSSC to Restructure
The primary contractor for China's naval force China State Shipbuilding Corp (CSSC) is preparing a major asset reorganization involving its two subsidiaries, reported China Daily. The companies have halted stock trading on the Shanghai Stock Exchange The announcement said that whether the reforms take place would be decided in the next 10 trading days. CSSC Holdings Ltd and CSSC Offshore and Marine Engineering Co Ltd both acted upon the notices from their parent company about the potential asset reform by suspending their stock trading. The CSSC group is the parent of three listed companies.
CSSC to Build Research Vessels
China's government controlled China State Shipbuilding Corp (CSSC) is going beyond building navy vessels and making advanced scientific research ships, Xinhua reported. CSSC has been focussing on defence sector till now. It was the largest supplier of surface combatants to the Chinese Navy, said the report. CSSC has been using its expertise in the research and development of naval hardware to construct high-tech civilian ships, encouraged by government measures to boost transfer of defense-related technologies to civilian and business sectors, said company officials.
COSCO orders 10 Valemaxes from CSSC
China Cosco Shipping Group has inked a contract with China State Shipbuilding Corp to build 10 valemaxes. The contract was signed on Thursday. The giant bulk carriers will all be constructed at CSSC’s flagship yard, Shanghai Waigaoqiao Shipbuilding, CCSG said in a press release. A report in Xinhua says that all 10 very large ore carriers (VLOC) will be 400,000-tonnes. The order is to meet a long-term transportation service agreement that COSCO signed with Brazilian miner Vale on March 18.
Carnival Confirms Chinese JV Cruise
In an industry first, the Miami-based Carnival Corp. will develop a multi-ship domestic Chinese cruise brand with Chinese partners. Carnival, the world’s largest cruise company, formed a joint venture with China State Shipbuilding Corp., the largest shipbuilder in China, and China Investment Corp., a sovereign wealth fund with $740 billion in assets. Carnival Chief Executive Officer Arnold Donald formalized the accord Wednesday in a meeting in London with Chinese President Xi Jinping, who is on a state visit to the U.K., according to a statement released by Carnival.
China Charges State-owned Shipyard Ex-head with Taking Bribes
The former chairman of Chinese state-run shipyard Hudong-Zhonghua Shipbuilding has been charged with taking bribes, prosecutors said on Friday, the latest official to be swept up in President Xi Jinping's anti-corruption crackdown. The Supreme People's Procuratorate said in a notice on its website that Gu Tiquan, former board chairman of the Shanghai-based shipyard, would be prosecuted. It did not give details. Hudong-Zhonghua is a subsidiary of China State Shipbuilding Corp, one of the largest shipbuilding conglomerates in the country.
China Shipbuilders Woeful, Many Face Uncertain Future
Many Chinese shipbuilders flounder in the face of a declining world shipping slowdown according to the latest industry reports. Production at Chinese yards, the world's biggest shipbuilders by tonnage, declined steeply during the first three quarters of the year, reports 'China Daily'. During the period, finished capacity dropped by 18.5 percent from last year to 41.58 million deadweight tons, and new orders decreased by 46.9 percent year-on-year to 15.41 million deadweight tons, according to the latest data recently released by the Ministry of Industry and Information Technology.
ABS and CCS Conduct Joint LNG Forum
Increased interest in the building of liquefied natural gas (LNG) carriers at Chinese shipyards spurred the recent Large LNG Carriers Forum, held in Shanghai, and conducted jointly by classification societies ABS and CCS (China Classification Society) in conjunction with leading LNG operators. More than 150 representatives from the Chinese government, shipowners, shipbuilders, designers, energy corporations and universities attended the forum. Topics presented by leading industry participants Poten & Partners…