The new shipbuilding cycle starts, and Chinese ships lead the world

As of the first half of 2022, Jiangnan Shipbuilding has undertaken a batch of very large liquefied gas vessels and container ships, and its international competitiveness has continued to improve. Jiangnan Shipbuilding has successfully delivered the world's largest 99,000 cubic meter B-class very large ethane carrier (VLEC) and the world's largest 24,000 container ship. According to the company announcement, Jiangnan Shipbuilding achieved revenue of 25.079 billion yuan in 2021, an increase of 9%, and a net profit of 447 million yuan; 1H22 Jiangnan Shipbuilding achieved a revenue of 7.548 billion yuan and a net profit of 58 million yuan, a decrease of 213 million yuan year-on-year, mainly due to the impact of the novel coronavirus epidemic in the first half of 2022, the impact period is about 2.5 months, and the cost of shutdown losses and epidemic prevention is increased.

2) Waigaoqiao Shipbuilding: Founded in 1999, Waigaoqiao Shipbuilding is one of the most large-scale, modern, professional and influential shipbuilding enterprises in the shipbuilding industry. The existing business of Waigaoqiao Shipbuilding is mainly divided into three major sectors: civil ship, Marine engineering and cruise ship. In the field of civil ships, the products cover bulk carriers, oil tankers, medium and large container ships, liquefied gas vessels, etc. According to the company's official website, Waigaoqiao Shipbuilding has undertaken a total of 327 Capesizes bulk carrier orders, completed and delivered 317 ships, accounting for 16.8% of the global fleet, ranking first in the world. In the field of offshore engineering equipment, the products cover semi-submersible drilling platforms, jack-up drilling platforms, floating production and storage tankers, forming a series, mass construction and delivery capabilities. In terms of large cruise ships, the first domestically produced large cruise ships are in the critical stage of interior engineering and system commissioning.

In the first half of 2022, Waigaoqiao Shipbuilding undertook one 180,000 tons LNG dual-fuel bulk carrier and eight 7,000-box container ships, which ranked first in the world in terms of orders. In terms of delivery, Waigaoqiao Shipbuilding in 2022 fully ensured the design and construction of the first domestically produced large cruise ship, with the overall progress reaching 77.27% by the end of June, and the 210,000 tons of Newcastle conventional power bulk carriers, 158,000 tons of Suez crude oil carriers and the world's first 209,000 tons of dual-fuel power bulk carriers were successfully delivered. According to the company announcement, in 2016-2017, Waigaoqiao Shipbuilding suffered losses for two years due to the downward cycle of the ship market, large impairments of Marine products and rising raw material prices. In the past two years, the company's overall performance remained stable, with 1H22 Waigaoqiao Shipbuilding achieving a revenue of 5.747 billion yuan and a net profit of 26 million yuan.

3) CSSC Chengxi: a leading enterprise in the domestic ship repair industry, mainly engaged in ship and offshore engineering repair, construction and large steel structural parts manufacturing. In recent years, The company has successfully completed the conversion of ore and cement dump ships, container ship total loss reconstruction, car ro-ro ship modification, bulk carrier extension, multi-purpose container ship modification, engine room equipment replacement and life extension ship modification, oil tanker single hull single bottom double hull double bottom, icebreaker extension modification, asphalt tanker modification, oil tanker conversion into bulk carrier and other 10 categories of ship modification. It has a high reputation and credibility in the international ship repair market, and has established extensive and close cooperative relations with shipping companies in more than 40 countries and regions.

In terms of production and operation, as of the first half of 2022, CSSC Chengxi has achieved batch undertaking of 3 88,800 tons of bulk carriers and 12 62,000 tons of heavy lifting vessels. At the same time, CSSC Chengxi world's largest 37,000 tons of asphalt tanker and self-developed 50,000 tons of MR Refined oil tanker successfully delivered to the owner. According to the company announcement, CSSC Chengxi will achieve revenue of 5.556 billion yuan in 2021, and 1H22 will achieve revenue of 2.645 billion yuan, and the income end is relatively stable in recent years. At the profit end, the profit level of CSSC Chengxi has a continuous improvement trend, and the net profit of CSSC Chengxi in 2021 is 128 million yuan, and the net profit of 1H22 is 51 million yuan.

4) Guangship International: It is the largest military auxiliary ship production support base in South China. We can develop, design and build all kinds of ships below 400,000 DWT that meet the requirements of the world's major classification societies. The company's core competitive products are MR, LR, container ships, passenger rolling ships, polar ships, etc., and our products have expanded to high-tech, new energy, far-reaching high-end Marine equipment and other fields. In recent years, Guangsheng International has ranked first in the domestic market and the global market share of LRII (110,000 tons tanker), and first in the domestic market share of MR (50,000 tons tanker), second in the world. At the same time, GuangshipInternational also has a complete non-ship industry chain, steel structure, heavy machinery products and other non-ship products have strong market recognition.