New China shipbuilding giant to challenge global leader
BEIJING - Subsidiaries of China State Shipbuilding Corp. (CSSC) hav announced that their parent is planning a restructuring that will result in its merger with China Shipbuilding Industry Corp. (CSIC). The Chinese media group, Caixin, says the merger would create a serious challenger to the current No. 1 shpbuilder, Hyundai Heavt Industries.
It says the global shipbuilding industry "remains muddled in a major downturn", with the International Chamber of Shipping saying this year that over-capacity and a fall in freight transport continues to blight shipbuilders, more than a decade after the 2008 financial crisis plunged global shipping into disarray. www.webershandwick.cn (ATI).