China picks shipyards for special treatment
The central government published a list of shipyards yesterday that will be given preferential policy treatment in the severely oversupplied industry.
The central government published a list of shipyards yesterday that will be given preferential policy treatment in the severely oversupplied industry.
China Rongsheng Heavy Industries Group Holdings, which has just suffered a fresh order cancellation from a Greek shipowner because of delivery delays, was one of those on the list.
A statement posted on the Ministry of Industry and Information Technology's website said 51 shipyards - 23 of them state-owned - had been picked as targets for preferential policies including bank financing and research and development grants.
The state-owned companies on the list are operated under China State Shipbuilding Corp, China Shipbuilding Industry Corp, China Ocean Shipping (Group), Sinotrans & CSC Group, Aviation Industry Corp of China and China Shipping (Group).
Top-tier private shipyards on the list include Rongsheng, Singapore's Yangzijiang Shipbuilding, Shenzhen's Sainty Marine and Yantai Raffles, a subsidiary of China International Marine Containers, Sinopacific Shipbuilding and Jiangsu New Times Shipbuilding.
The ministry issued a set of criteria for the selection of quality shipbuilders and started to accept applications late last year, after it published a three-year roadmap for transforming the shipbuilding industry and mothballing excess capacity.