Chinese shipbuilders are in the throes of change into high-value sectors, such as LNG carrier, offshore-related vessels, etc.
According to Economic Research Center of China Shipbuilding Industry Corporation (CSIC), in Q1, only 3.8m-cgt newbuildings were contracted in the world, down by 58.9% year-on-year.
Also, International Bank for Reconstruction and Development reported that the amount of global shipbuilders' damages would reach $50bn in 2012.
In the present, China's shipbuilding industry specialists said that global shipbuilding industry will go through the most difficult time this year. And China is no exception.
Meanwhile, South Korean shipyards contracted 1.93m cgt and keep its global top with over 50% of market share. However, China only contracted 1.05m cgt.
Korean shipbuilders booked orders for high-value vessels, including product carrier, LNG carrier, etc., and offshore facilities, such as FPSO, drillship, etc., as well as bulker, tanker. On the other hand, China mainly inked orders for bulker, small sized tanker, etc.
Chinese shipyards should make a change into high-value sectors and diversify portfolios by developing new ships, high-end technology, etc.