Chinese Shipbuilding Giant Develops Fast in 2002

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Last updated at: (Beijing Time) Friday, January 17, 2003

Chinese Shipbuilding Giant Develops Fast in 2002

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The China Shipbuilding Industry Corporation (CSIC) saw an economic growth of 22.6 billion yuan (2.7 billion US dollars) in 2002, with its total industrial output value reaching 17.6 billion yuan, up 20 percent on an annual basis.

CSIC president Li Changyin told the corporation's annual working conference here Thursday that his company built 69 vessels in 2002, with a total weight of 1.38 million tons, surging 48 percent over the previous year's figure.

The company's shipbuilding output reached 11.8 billion yuan last year (1.42 billion US dollars), an increase of 24 percent year-on-year, and the number of its deficit branch companies decreased from 12 to eight, said Li.

The CSIC, founded in 1999 and one of China's top two shipbuilding giants, is also the country's biggest enterprise for building military and civilian vessels, as well as maritime projects.

Last year, the company successfully finished and delivered its first ever 300,000-ton oil tanker, built for the National Iranian Tanker Company.

The CSIC also developed some high-tech and high additional value vessels in the past year, including a kind of giant vessel holding 5,668 containers, a 159,000-ton oil vessel and a 7,000-ton refined oil ship.

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