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Yangzhou Jushen Cable Co., Ltd., China Shipbuilding Industry Expanding Order Advantage to Korea

As the world's largest shipbuilder, China has expanded its lead over South Korea (Polyester Rope) because state-backed shipyards have won contracts to manufacture gas carriers. However, China's private shipyards are struggling to get funding.

In the first seven months of this year, China received 27.8 million tons of shipbuilding orders (polyester-propylene Mixed Rope), accounting for about 47% of the global shipbuilding contracts, leading South Korea by 7.8 million tons. The gap was 1 million tons in the previous year.

Nearly three-quarters of these contracts have been awarded to government-backed shipbuilders, suggesting that access to capital is not a problem for them. This is quite different from China's largest private shipbuilding company, China Rongsheng Heavy Industry Group Holdings Ltd. China Rongsheng Heavy Industries Group Holdings Ltd. sought government support last month after not receiving any shipbuilding orders this year. China has announced a three-year plan for the troubled shipping industry this week.

"China is trying to develop state-backed shipyards to help them become more competitive against Korean competitors," said Park Maoxian, a billionaire financial analyst in Seoul. This will mean that most of the private shipyards facing financial problems will not receive much help.

According to data provided by Clarkson Shipbrokers (Nylon twin rope), Hyundai Heavy Industries, Samsung Heavy Industries and other Korean shipbuilders have received 20 million tons of shipbuilding orders. Throughout the world, shipbuilding orders from different companies reached 59.6 million tons as of July.

According to Dahua Jixian Holdings Ltd., in China, 74% of new orders were received by government-supported enterprises in the first half of this year.

Shanghai East China Shipbuilding (Group) Co., Ltd. earlier this year obtained a contract to manufacture six LNG vessels from China Sea Development Co., Ltd. Dalian COSCO Shipping Engineering Co., Ltd. has obtained a contract to manufacture a LNG vessel.

Earlier this week, China released a three-year plan (twelve strands of cables) urging financial institutions to support the shipping industry. The government also hopes that the shipbuilding industry will strictly control new capacity and promote the development of high-end products.
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