Chinese shipbuilder in tanker bonanza

During the first half of this year tanker owners placed orders for oil tankers totalling 5.3 million DWT with China Shipbuilding Industry (CSIC) on the strength of an increase in global oil production. Orders for the first six months this year have already exceeded the 2003 total order intake of 4.2 million DWT.

This surge in demand is limiting CSIC?s ability to take on new orders and management is seeking to improve efficiency and shorten delivery times as much as possible. CSIC?s shipyards are currently quoting for deliveries in 2008.