China aims for 18%

China’s shipbuilding industry is expected to exceed ten million tonnes this year, which will account for 18% of the world?s newbuilding market compared with 15% last year.

General Manager of the China State Shipbuilding Cooperation, Chen Xiaojin, said that the country?s shipbuilding industry is facing new opportunities as the center of world ship manufacturing transfers to countries with the lowest labour costs.

Chen Xiaojin said that many shipyards plan to increase production by 2008 and that his company is building the largest shipbuilding facility in the world, which will make it the world’s third largest shipbuilding corporation.