August 30, 2008

China State Shipbuilding 2007 net profit up by140% YoY

China State Shipbuilding Co the nation's biggest shipyard announced that its 2007 net profit up by 140% YoY as it increased production to meet rising demand for vessels and diesel engines.

China State Shipbuilding Co said its net income reached CNY 2.92 billion rise from CNY 1.22 billion in 2006. It sales up by 52.3% YoY to CNY 17.9 billion last year after the state owned company turned out 85 ships with total carrying capacity of 6.55 million tonnes, the second largest output in the world.

The statement quoted data from the China Ship Marketing Research Center as saying that Chinese shipbuilders received orders for vessels totaling about100 million deadweight tonnages last year, 43% of the world total. It said China had occupied the mainstream shipbuilding market" as one of the three largest ship manufacturers along with South Korea and Japan.

China State Shipbuilding said 2008 sales were expected to rise by 36.3% to CNY 24.4 billion as it planned to take orders worth CNY 25.6 billion.

China State Shipbuilding aims to become the number one shipbuilder in the world in 2012, with production capacity lifted to 14 million tonnes from the current 4 million tonnes.