Chinese shipyards eye to ride next wave
Print Edition
The development of more sophisticated offshore vessels holds great prospects for Chinese shipyards which need to strategically transform their structure to counter overcapacity in traditional shipbuilding, officials and experts said yesterday.
A slowing global economy has hit the shipping market and China’s shipbuilding industry, the world’s largest. Official data showed that 80 big domestic shipbuilders and related companies posted a nearly 50 percent slump in profits in the first 10 months.
General Electric Co, whose new global offshore and marine business supports the industry’s development, also sees tremendous economic opportunities in offshore vessels and equipment.
Citing a research by Clarkson, Morgan Stanley and GE’s internal studies, the firm said that a 5 percent market share improvement in the sector for high-end offshore and liquefied natural gas carriers will help China reap US$200 billion more in accumulated revenue growth opportunities through 2020.
China’s orders in the sector, at the value of US$25 billion in 2011, accounted for just 15 percent of the global total, GE said.
Global new investment in the offshore sector has also surpassed that of the more traditional merchant shipping in 2012, Remi Eriksen, executive vice president and chief operating officer of classification society DNV GL, told the Marintec China 2013 conference yesterday.
“We’d like to see further strengthening in the offshore segment, in particular in the high-end, high-value segment such as drill ships and FPSO (floating production, storage and offloading) units,” Eriksen said.
He said there could be a “sizable opportunity” for China’s shipbuilding and manufacturing industry in subsea, partly driven by the country’s exploration for oil and gas offshore.
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