Source: CCTV.com

02-12-2009 09:25

China's shipbuilders enjoyed strong business in 2008, but the situation this year isn't as rosy.

China's shipbuilders' profit in 2008 rose 50 percent versus the same period a year ago.

China's shipbuilders' profit in 2008 rose 50 percent versus the same period a year ago. The total reached more than 4 billion US dollars. This success came despite rising material costs and the appreciation of the RMB. New orders comprised nearly 40 percent of the world's total.

Li Dong, Official of Ministry of Industry and Information Technology said "Orders for major shipbuilders have already been set up until 2011, with some even to 2012."

The impact of the global economic downturn wasn't felt until September 2008. But since then new orders have dropped dramatically. According to the China Association of the National Shipbuilding Industry, new orders for 2009 are expected to fall by nearly half. It may reach as low as 20 million deadweight tons.

Li Dong said "The impact of the financial crisis is the same to everyone. Those who are strong enough to survive the crisis could get better business after 2012."

The ministry of Industry and Information Technoledge says China's shipbuilders have strengthened their capabilities in innovation. They have also improved their technique particularly in making bulk cargo ships, oil carriers and container ships.

Click for more news in Biz China>>

Editor:Xiong Qu