Independent journal on economy and transport policy
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Shipbuilder closing down yards to combat overcapacity
(China Daily)
March 6, 2017
By ZHONG NAN in Shanghai | China Daily
COSCO Shipping Heavy Industry Co Ltd, China's third largest shipbuilder by output, plans to cut the number of shipyards that are able to manufacture offshore engineering products from five to two by 2020, its senior executive said on Friday.
The move is the company's latest effort to cut overcapacity, as the global market is unlikely to see a notable upturn anytime soon.
Under the plan, its shipyards in Nantong, Zhoushan and Dongguan will be shut down ...... Read more on China Daily
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