CSIC Opens Int'l Ship Trading Company in Beijing

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Last updated at: (Beijing Time) Thursday, August 28, 2003

CSIC Opens Int'l Ship Trading Company in Beijing

One of China's two shipbuilding giants, the China Shipbuilding Industry Corporation (CSIC), announced on Thursday the opening of its first international ship trading company in Beijing.

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One of China's two shipbuilding giants, the China Shipbuilding Industry Corporation (CSIC), announced on Thursday the opening of its first international ship trading company in Beijing.

With total assets of 1.5 billion yuan (about 181 million US dollars), the new China Shipbuilding & Offshore International Co.,Ltd will undertake to expand the CSIC's international business covering ship trading, marine projects, and naval equipment.

The new company is formed on the basis of the CSIC's sole subsidiary company --China Offshore Industrial Corporation (COIC), and another 18 shipbuilding subsidiaries under the CSIC. COIC is currently China's only international offshore platform and engineering firm, participating in over 80 offshore projects at home and abroad.

Xu Ziqiu, general manager of the new ship trading company, said the new company will become a vital channel for the CSIC to expand global business with some world famous ship owners, petroleum giants, shipping companies and ship classification societies.

In the coming years, Xu noted, the 10-15 percent growth rate in China's civil ship trade and marine project business will bring more good opportunities to the new company.

China has retained its position as the world's third largest shipbuilder for eight consecutive years since 1995, sharing a large share of the international shipbuilding market.

As one major contributor to China's shipbuilding market, the CSIC built ship tonnage of 1.19 million tons in the first seven months of this year - nearly the total outcome of last year.

Currently, the CSIC has exported ships to over 60 countries and regions worldwide, including major shipping nations like Greece, Norway, the United States and Britain, and major shipbuilding powers such as Japan, the Republic of Korea and Germany.

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