Shanghai Shipyard nets five ships

Shanghai Shipyard in China has netted orders for five ships of 123,600 dwt in the first half of 2003, over 60% of its annual new order target and nearly 30% more than that of same period last year. The shipbuilder completed four ships, launched two and laid the keel for two more. Earning from newbuilding has increased by 4%.

The ship repair business has also expanded with work valued at $9.31m carried out on 108 ships. This represents an increase of just over 50% compared to the value during the first half of 2002. In particular, the repair facility of Chongming repaired 47 ships at a cost of $3.64m.