Busy First Six Months for Guangzhou Shipyard, China

Guangzhou Shipyard International Co., Ltd. (GSI), during the first half of 2012, completed 9 vessels, commenced construction work on 8 vessels, and launched 10 vessels. The main clients come from European countries, such as Holland, Greece, Denmark and other important domestic clients.

The major products built during the period under review were 39.000 dwt, 48.000 dwt, 50.500 dwt, 52.300 dwt and 55.000 dwt product oil tanker, 50.000 dwt semi-submersible heavy lift vessels.

Moreover, the Company secured new shipbuilding orders for 6 vessels with a total tonnage of 300,000 dwt.

As at June 30, 2012, the Company had accumulated orders for building 40 vessels with a total tonnage of 1,650,000 dwt. The shipbuilding income decreased compared with the same period last year, which was mainly due to the decrease in vessels price. The operating profit margin decreased, which was mainly due to the sharp decrease in vessel price, but the shipbuilding costs could not decrease with the same span including labour costs increase rigidly.

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Shipbuilding Tribune Staff, October 8, 2012