Source: CSSC

The merger between China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), underway since 2019, has been completed following a share-swap deal.

The result is the world’s largest shipbuilding group with an orderbook of more than 530 vessels, about 17% of the global market and including commercial, defense and offshore engineering.

Local media reports indicate the group will be positioned to take a stronger lead in high-value and green shipbuilding, such as LNG carriers and ammonia-fueled vessels, and it also reinforces China’s ambition to move from a shipbuilding nation to a shipbuilding powerhouse.

CSSC's operating costs are expected to fall by 8-10%.

In the first half, China's shipbuilding deliveries, new orders and order backlog accounted for 51.7%, 68.3% and 64.9% of the global market share.