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Shanghai ship export jump

Shanghai ship export jump
SHIPYARDS in Shanghai recorded a 52.1% increase in the value of exports to $6.6bn in 2009, according to Shanghai customs.

Value of Shanghai ship exports jump.

SHIPYARDS in Shanghai recorded a 52.1% increase in the value of exports to $6.6bn in 2009, according to Shanghai customs.

In December the value of vessels exported hit a record nine-year high to $820m, a leap of 150% compared with the level a year earlier.

A Shanghai customs senior official said the city"s major shipyards including Shanghai Waigaoqiao Shipbuilding, Shanghai Jiangnan Changxing Shipbuilding, Hudong-Zhonghua Shipbuilding and Shanghai Jiangnan Changxing Heavy Industry performed strongly in terms of export volume.

China"s largest shipyard Shanghai Waigaoqiao Shipbuilding and its sister affiliate Shanghai Jiangnan Changxing Shipbuilding, which are controlled by state-owned China State Shipbuilding Corp, recorded a 44% year-on-year increase in the value of ships exported last year, a Shanghai Waigaoqiao Shipbuilding source told Lloyd"s List.

Vessels exported included a 297,000 dwt very large crude carrier Front Queen, which was delivered to Norwegian shipping company Frontline on May 18.

The source added that the two shipyards completed a total of 6m dwt new tonnages last year. That accounted for 16.4% of the total volume of new tonnage the country"s shipyards completed between January and November last year.

?I believe the value of completion will continue to grow over the coming years because the shipyard has bagged an increasing number of new orders last year,? he said.

Waigaoqiao shipyard won a $600m worth contract to build six 320,000 dwt VLCCs last August.

A CSSC affiliate Hudong-Zhonghua Shipbuilding sales manager told Lloyd"s List that the shipyard delivered a total of 22 vessels totaling 1.7m dwt last year including a 147,000 m cu liquefied natural gas tanker Dapeng Star, which was delivered to a joint venture between China Merchant Group and China National Offshore Oil Corp last December.

The sales manager said the delivery drove the shipyard"s sales revenue to increase by almost 100% last year.

Shanghai Waigaoqiao Shipbuilding general manager Chen Minjun pointed out that the increase in ship exports was partly due to the enhancement of Shanghai customs procedures. He said Shanghai customs had digitalised the examination for vessels that significantly streamlined the export procedure.

CITICS Securities research analyst Gao Xiaochun said the leap in Shanghai shipyards" export was unlikely to be sustainable, however. ?Most of the export vessels in 2009 were ordered at the shipyards during the shipping boom, but the export figure is expected to sharply reverse in one to two years as the impact of the global financial crisis surfaces,? he said.


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