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April 15, 2004

Chinese ship production soars

China State Shipbuilding Corporation (CSSC) completed a total of 19 vessels in the first quarter of 2004, registering a year-on-year growth of 262 percent, according to a CSSC report released Wednesday and reported by the Xinhua news agency.

It also won new orders worth over six billion yuan (about $725 million), with its accumulated contract value hitting 47.1 billion yuan (about $5.7 billion), 14 billion yuan more that of the same period of last year.

During the first three months of this year, CSSC clinched 19 new ship orders, 99.5 percent of these new orders are for overseas clients.

The CSSC plans to complete ships totaling 3 million tons this year, contract 3 million tons of new ship orders, and start construction of another 3 million tons of ships. If these goals are reached, the corporation will become one of the world's top five shipbuilders one year ahead of its original plan

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