China creates world’s largest shipbuilding group

China has formally established the China Shipbuilding Group, which China’s state broadcaster has described as the world’s largest ship-building company.

The establishment of the group, announced by China Central Television (CCTV), has occurred after Beijing’s approval of the merger of China’s two largest shipbuilders last month, China State Shipbuilding Corp and China Shipbuilding Industry Co.

The group has 147 research institutes, business units and listed companies, total assets of ¥790bn (US$112bn), and 310,000 workers. Its portfolio ranges from aircraft carriers to commercial ships carrying oil and gas.

Note that the Chinese shipbuilding industry competes directly with that of South Korea and Japan.

Source: Maritime Logistics Professional

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