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Rongsheng bucks shipbuilding trend with positive results

Rongsheng bucks shipbuilding trend with positive results

Shanghai: While most yards endured their hardest 12 months in living memory, one private Chinese yard continued to impress in 2009. Jiangsu Rongsheng Heavy Industries saw operating income soar more than 60% last year to RMB10bn ($1.5bn) as orders continued to flood in.
Shanghai Fujang Guohang Ocean Shipmanagement came in for eight 76,000 dwt bulkers, while Oman Shipping decided to order four 400,000 dwt VLOCs
With aims to deliver 30 ships this calendar year Rongsheng, in eastern China, is looking to double its operating income this year. Rongsheng, founded in 2005, has an 80-ship backlog keeping it busy through to 2012.
This year Rongsheng is aiming to break into the offshore sector as well as reengineering plans to list on the Hong Kong bourse for between $2bn - $3bn.  [04/03/10]


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