China State Shipbuilding Corporation admits to tough times for next 3 years

China State Shipbuilding Corporation, one of the two largest shipbuilders in China, hopes to replenish orders from the uprising domestic demand for navy ships and fishing ships, SinoShipNews reports.

“Recently Chinese navy has switched from coastal defense to offshore defense, which will bring new demand for navy ships and patrol ships, if the government can confirm these orders in the next one or two years, it will supplement the current shortage of civilian vessel orders,” Hu Wenming, chairman of CSSC, said on the sidelines of the ongoing 18th Party Congress Conference.

“The increasing demand for offshore fishing vessels will also bring more orders for CSSC,” Hu added.
For the first nine months of this year, new shipbuilding order volumes have declined by 42.8% year-on-year in China and nearly one third of the shipyards haven’t received any new orders during the same time.

“I think the shipbuilding market won’t have a significant recovery in the next three years,” Hu said.