Caixin
Apr 05, 2021 05:01 PM
BUSINESS & TECH

China’s Top Shipbuilder Just Got Its Biggest Order Ever

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What’s new: China State Shipbuilding Corp. Ltd. (CSSC) has received the largest order ever taken by a Chinese shipbuilder — 10.6 billion yuan ($1.6 billion), sources close to the matter told Caixin.

The order is a fresh sign that the jump in orders for new cargo vessels over the first few months of 2021 has extended into the second quarter in a bullish sign for the global economic recovery and China’s exporters.

State-owned CSSC announced Friday (link in Chinese) that it had won an order to build 13 container ships from a buyer the sources said could be MSC Mediterranean Shipping Co. SA, headquartered in Geneva, Switzerland.

CSSC also recently received a nearly 5 billion yuan order to make six container ships (link in Chinese) for Seaspan Corp., the world’s biggest independent charter owner, people close to the deal said.

The background: Orders for new cargo vessels and containers surged in the first two months of this year as the world’s major shippers rushed to cash in on soaring demand for freight along routes in the Pacific Ocean, buoyed in part by strong exports from China, according to an analyst with global shipping services provider Clarksons PLC.

Related: China’s Export Surge Fuels Global Buying Spree of Cargo Ships, Containers

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Lu Yutong contributed to this report.

Contact reporter Timmy Shen (hongmingshen@caixin.com) and editor Michael Bellart (michaelbellaert@caixin.com)

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