CSSC is a state-authorized investment institution directly administered by the central government of China and also is a listed company which takes the shipbuilding, ship repair and diesel engine as its three prime businesses as well as actively explores the new operations such ocean engineering and wind power generating equipments. CSSC has the most shipbuilding output in China.

In 1H 2009, CSSC’s operating revenue rose 17.4% against the same period of last year to RMB12.619 billion, while its operating profit stood at RMB1.474 billion, down 40.8% from the same period of last year. And the net profit attributable to its parent company was RMB1.2 billion, down 38.42% from the same period of last year, a further drop compared to the decrease of 36.7% in the first quarter.

Since July, global shipbuilding contracting has obviously improved against that in 1H 2009. However, the sluggish shipping trade and surplus transportation has hindered the significant rising of shipbuilding orders. It still takes a quite long period of time to rebound. CSSC has rich orders in hand, and the achievements within three years can be ensured. Besides, CSSC has huge cash flow, with strong anti-risk ability.

Since the small amount of modified ships and the decreasing prices of common vessel repairs, the ship repairing revenue and gross profit margin of CSSC will both drop. But the repairing business takes a small proportion; the overall performance of CSS gets little impacted.

Besides, the recall of orders (mainly from local small private shipyards) happened in CSSC’s diesel engine business. If calculated by horsepower, the price of diesel engine dropped not drastically and maintained a steady momentum. CSSC’s diesel engine business accounts for a domestic market share of 60%, and the production capacity of CSSC-MES Diesel Co., Ltd still has much development room, and such business will make steady growing achievements in the next few years. As a whole, the production capacity of its marine diesel engine business in 2009 rises to some extent against last year. As the cost of such raw materials as steel decreases, the gross profit margin of diesel engine business will improve somewhat.

Other business like ocean engineering and wind power equipment helps to avoid the risks in the shipbuilding business.

The report expounds the development history and current business structure of CSSC, analyzes the development of CSSC’s businesses and the highlights in its achievement according to the environments at home and in the world, and researches on CSSC’s orders, competitiveness and development strategies.

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In 2008, Chinese accomplished shipbuilding output was 28.81 million deadweight tonnages, rising by 52.2% of last year. The newly undertook ship orders were 58.18 million deadweight tonnages, a reduction of 40.9% of last year. Ship orders in hand were 204.6 million deadweight tonnages, increased by 28.7% compared with 2007. According to the Clarksons, the market shares of Chinese accomplished shipbuilding output, newly undertook ship orders and ship orders in hand accounted for 29.5%, 37.7% and 35.5% respectively in the world, in which Chinese accomplished shipbuilding output and ship orders in hand kept a fast growth for six consecutive years and led to the three indicators standing the second place in the world.

According to the Clarkson, in 2008, the global newly undertook ship orders were totaled at 150 million deadweight tonnages, a reduction of 42.7% of last year. Especially In Q4 2008, the global newly undertook ship orders were only totaled at 4.76 million deadweight tonnages, which mean each month had an order as small as 1.59 million deadweight tonnages during this quarter, which was only 1/10 of the monthly average during the previous nine months of 2008.

With the transfer of international financial crisis to the real economy, Chinese shipbuilding industry has also felt the coming of strikes. In 2008, the newly undertook ship orders were 58.18 million deadweight tonnages and only 2.61 million deadweight tonnages in the fourth quarter, less than 5% of the whole year’s. Chinese accomplished shipbuilding output exceeded the new undertook orders from October of 2008, first consecutive reduction of monthly orders in hand over the past five years. It is predicted that Chinese accomplished shipbuilding output in 2009 will be over 40 million deadweight tonnages and 56 million deadweight tonnages of orders in hand of last year’s was scheduled to accomplish in 2009. The intervals are about 16 million deadweight tonnages. It is predicted that the newly undertook orders are only about 20 to 30 million deadweight tonnages, half or more reduction year on year. At present, Chinese ship orders in hand declined from 205 million to million deadweight tonnages in 2007 to 160 million deadweight tonnages.

In February 2009, Chinese government issued the Adjustment and Revitalization Plans of Chinese Shipping Industry, showing the Chinese government’s determination to support shipbuilding industry.

The plans emphasis on the points as following: firstly, to stabilize the production; secondly, to enlarge the market demand; thirdly, to develop marine engineering equipment; fourthly, to actively promote the ship repairing; fifthly, to support the merge & acquisition; sixthly, to strengthening the technical innovations.

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