CSIC to triple turnover

China Shipbuilding Industry Corp (CSIC), one of the nation’s two state-run shipbuilding groups, plans to triple its turnover by 2015 when it expands its building capacity to meet rising global demand.

The Beijing-based group said yesterday it expects to achieve a turnover of 150 billion yuan ($18.75 billion) in 2015, up from the 50 billion yuan last year. The shipbuilder plans to expand its annual output to 14 million deadweight tons in 2015, and 11 million in 2010, against last year’s 4 million dwts. CSIC is building new shipyards around northern China’s Bohai Sea with construction going on in cities like Dalian, Hulu Island, Qingdao and Tianjin which are expected to add to the capacity.

Global trade and shipping industry is fuelling demand for more and larger ships and the company’s production schedule is full until after 2010, adding that CSIC currently has an order book of 15 million dwts.