Greater China

China likely to favour shipbuilding majors

Beijing: Beijing is discussing how shipbuilding targets in the current five-year plan, which still has three years to run, can be hit. The plan being formulated, according to local media, favours the bigger names in the industry.

Financial support and tax breaks will be offered to the largest shipbuilders in a bid to get Chinese yards up the technology ladder and back on track with the ambitious goals set out in the twelfth-five year plan.

The news follows on from a report from London brokers ICAP last week that noted 38% of yards in China didn’t get contracts for new vessels in 2012 and 10% have no deliveries scheduled beyond the year’s end.   [31/12/12]

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