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China Shipbuilding to finish `rebirth'

The state-operated Kaohsiung-based China Shipbuilding Corp (CSBC, 中船) is expected to finish privatization by the end of this year, according to a CSBC statement.

The statement said that since the company implemented a "rebirth" project to adjust its enterprise structure and management on Dec. 31, 2001, it has seen operational surpluses. The CSBC's revenue last year was NT$16.26 billion (US$512.13 million), with an accumulated surplus of about NT$711 million, surpassing its compulsory target of NT$320 million, the statement said.

Last year, the CSBC had 24 orders for new ships, with the total value of the new contracts amounting to NT$30.89 billion, according to company officials. As of Jan. 31, the total number of contracts the state-run shipbuilder holds is 47, of which 41 are orders for new container ships and six are for freighters.

Thanks to these deals, manufacturing at the two CSBC shipyards in Keelung and Kaohsiung will run through 2009, the officials said, noting that the busy schedule, which was partly caused by a recent boost in the marine transportation market, will help with privatization.

The CSBC has been working on a privatization plan and necessary preparations. As soon as the plan is approved by the Executive Yuan, the government-owned manufacturer will accept tenders, according to CSBC officials.

The CSBC was established in July 1973.
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