Shanghai Shipyard receives its first new ship order of the year

2016-05-20 09:00

Shanghai Shipyard (Location Comments News) received its first new ship order of the year, a small order but with a significant signing ceremony.

On May 19, a signing ceremony for the construction of a 2500-TEU container ship (Ship Type Shipyard Sales) between COSCO Logistics Co., Ltd., a subsidiary of COSCO SHIPPING Group, and Shanghai Shipyard was grandly held at the Shanghai International Convention Center. Leaders from various sectors attended the signing ceremony, including Mr. Lu Zongjun, Chairman and President of COSCO SHIPPING Group; Mr. Du Keshun, Vice Chairman and Party Secretary of Shanghai Shipyard Shipbuilding Co., Ltd.; Mr. Zhang Ye, President of Shanghai Shipping Exchange; Mr. Yang Li, General Manager of China Shipbuilding (Stock) (Hong Kong) Shipping Leasing Co., Ltd.; Mr. Lü Zhiyong, Vice President of Shanghai Ship Design & Research Institute; and Mr. Xu Li, Deputy General Manager of Shanghai Branch of China Classification Society (Location Contact). Mr. Xia Guoqing, Vice President of COSCO SHIPPING Group, and Mr. Zhong Qinghua, General Manager of Shanghai Shipyard Shipbuilding Co., Ltd., signed the contract.

It is understood that the 2500-TEU container ship built through this cooperation between COSCO Logistics and Shanghai Shipyard is a state-of-the-art energy-saving and environmentally friendly container ship. Its technology and energy-saving and environmental protection performance meet or exceed international first-class standards, in line with the national requirements for the green, environmentally friendly, and healthy development of the shipping industry.

According to International Ship Network, COSCO SHIPPING ordered 6 2500-TEU container ships from Zhoushan Wuzhou Shipbuilding (Location Comments News Recruitment) in 2013, with a total cost of US$127.4 million and a delivery date of 2015, with 4 optional orders. On February 7, 2015, the first 2500-TEU container ship "Zhonggu Shanghai", built by Zhoushan Wuzhou Shipbuilding for COSCO SHIPPING Group, was successfully launched. This "Zhonggu Shanghai", which received the Green Ship Certificate from the China Classification Society, is COSCO SHIPPING Group's most advanced energy-saving and environmentally friendly container ship.

However, due to the bankruptcy of Zhoushan Wuzhou Shipbuilding, the construction of the remaining 2500-TEU container ships was "stalled". Subsequently, COSCO SHIPPING signed a contract last month with Zhoushan Changhong International (Location Comments News) for the construction of one 2500-TEU container ship. This contract is also Shanghai Shipyard's first new ship order this year.

As one of China's earliest professional operators of domestic container shipping, COSCO SHIPPING has maintained rapid and healthy development for many years. Currently, COSCO SHIPPING's offices are spread throughout the country, with operating routes covering coastal areas and various river basins. The volume, throughput, and turnover of container transportation have been increasing at an annual rate of 30%; for many years, it has maintained the highest domestic container throughput in major coastal ports such as Xiamen, Shanghai, Rizhao, Qingdao, and Taicang, as well as 15 ports along the Yangtze River. In 2015, COSCO SHIPPING completed a total of 8.6 million TEUs in various ports, accounting for over 15% of the national domestic throughput, and in the first quarter of 2016, COSCO SHIPPING's growth rate reached 31%.

As a leading shipping enterprise, COSCO SHIPPING is one of China's major container ship owners, with a fleet size exceeding 60 vessels. Its comprehensive transportation capacity ranks among the top 30 globally and top 3 domestically. On March 18, 2016, COSCO Logistics Co., Ltd. successfully listed on the stock exchange, further solidifying its leading position in the industry, thanks to its rapid development speed and outstanding performance.

Currently, the entire shipbuilding and shipping market is in a historical trough. Many shipping companies are struggling, with zero or even negative freight rates appearing in the market. Many shipbuilding companies' orders have also fallen to historical lows, with even four consecutive months of zero orders for container ships. Against this backdrop, the cooperation between COSCO Logistics and Shanghai Shipyard in shipbuilding has boosted confidence in the shipbuilding, shipping, and related industries.

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