COSCO Shipyard Group Scores New Record (China)

One of the biggest Chinese shipbuilders, COSCO Shipyard Group, has scored a new record with the operating profit in 2011 exceeding CNY 20bn ($3.17bn). COSCO managed to deliver 47 new vessels last year thus exceeding 3 million DWT mark.

The company also entered a new market with six offshore vessels successfully delivered to their owners.

In the repair and conversion segment of shipyard’s operations, COSCO produced the total of CNY 3.466bn ($550.21017 million).

Last year, COSCO introduced a plan to reduce costs by reorganizing its production systems. Consequently, this initiative decreased the construction cost for 57,000 DWT Bulk Carriers by 15.7%, construction period by 25% and improved Group’s delivery by 36%.

For 2012, COSCO plans to win a total of 44 newbuilding orders.

Founded in June 2001, COSCO Shipyard Group Co., Ltd, which is a subsidiary of China Ocean Shipping Company (COSCO), is a large enterprise groups, specializing in large vessels building, marine engineering’s construction and conversion, and providing with services in ship repairing and building sets in Dalian, Nantong, Zhoushan, Guangdong Province, Shanghai, Lian Yungang and other places.

COSCO builds ship models including: 5000 series of  barking space PCTC, 30,000 t Series of Heavy Lift Multi-Purpose ships, 57,000 DWT series of bulk carriers, 80,000 DWT bulk carriers, bulk carriers, and 92,500 tons carriers; its marine project include: the world’s first drilling production storage oil vessel, cylindrical rigs, self-drilling platform, semi-submersible offshore oil platforms etc.

Shipbuilding Tribune Staff, February 17, 2012; Image: cosco

Posted on February 17, 2012