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Newbuildings propel Jiangsu

Newbuildings propel Jiangsu
CHINA?S private shipbuilder Jiangsu Rongsheng Heavy Industries posted a more than 60% year-on-year increase in operating income in 2009 to Yuan10bn ($1.5bn) on the back of a raft of newbuilding orders.

Newbuilding orders propel Jiangsu Rongsheng.

CHINA"S private shipbuilder Jiangsu Rongsheng Heavy Industries posted a more than 60% year-on-year increase in operating income in 2009 to Yuan10bn ($1.5bn) on the back of a raft of newbuilding orders.

Last year, Jiangsu Rongsheng had eight 76,000 dwt panamax vessels for Shanghai Fujang Guohang Ocean Shipmanagement on its orderbook and four 400,000 dwt very large ore carriers for Oman Shipping.

In 2010 the shipyard is looking to deliver 30 vessels with a total of 5m dwt of new tonnage. It will hand over 18 156,000 dwt tankers, nine 176,000 dwt capesize vessels and three 76,000 dwt panamax vessels, according to the Clarkson Research database.

Jiangsu Rongsheng expects deliveries to generate an operating income of Yuan20bn. The shipyard expects exports to reach Yuan6.8bn and income tax payment to top Yuan800m.

The new orders raised the shipyard"s order backlog to 80 vessels totaling 15.4m dwt, and stretching to early 2012.

The fast-growing shipyard, which was established in 2005, has surpassed major domestic rivals such as Hudong Zhonghau Shipbuilding and Jiangnan Changxing Shipyard to become China"s largest shipyard and ranks in the top five globally in terms of orderbook size.

As for the future development, Jiangsu Rongsheng is striving to break into the offshore product sector. The shipyard secured a Yuan2.2bn syndicated loan from China CITIC Bank and Bank of Communications at the end of 2009.

The proceeds will be used to finance the development of its offshore fabrication yard in Jiangsu province in eastern China. The yard, which is scheduled to become operational in May 2011, can build six floating production storage and offloading vessels of up to 150,000 dwt per year.

Jiangsu Rongsheng chairman Chen Qiang previously said he was pining high hopes on the offshore business in which the offshore product segment will account for 40% of the shipbuilder"s total revenue in the long run.

www.turkishmaritime.com.tr

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