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People's Daily Online>>China Business

Shipbuilders confront stormy weather

By Ding Yining (Shanghai Daily)

08:29, November 30, 2011

China's shipbuilding industry will face increasing pressure from weaker demand for new vessels in the next two to three years as well as rising material and labor costs, a senior official with the Ministry of Industry and Information Technology said yesterday.

"The domestic shipbuilding sector will enter a period of mergers and acquisitions in the next few years," said Guo Yanyan, vice-minister of industry and information technology at an industry forum during Marintec China 2011 held in Shanghai yesterday.

"Shipyards will face the double pressure of shrinking demand and rising raw material and labor costs," Guo added.

The overall market for vessels will rebound from the weakness in 2010 and 2011 during the 12th Five-Year Period, but won't be able to return to the peak level before 2008.

New orders received by domestic shipyards in the first 10 months sank by an annual 45.5 percent to 29.75 million deadweight tons, the according to a report by National Development and Reform Commission released on Monday.

Total orders fell 15.9 percent from the same period last year to 165.6 million DWT.

Zhang Shengkun, president of the Shanghai Society of Naval Architects & Marine Engineers, said during a briefing ahead of the forum that around one-third of domestic shipyards were not able to win new orders this year.

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