Taiwan’s shipbuilding market is still depressed despite recent economic growth and might not significantly rebound until next year, the nation’s leading ship manufacturer said yesterday.
Industry prices, which have fallen sharply since the economic recession took hold in 2008, have only recovered to 80 percent of pre-crisis levels, said Paul Tang (譚泰平), chairman of the state-owned shipbuilder, CSBC Corp, Taiwan (CSBC, 台灣國際造船).
Taiwan has failed to provide better mortgage conditions for foreign companies and many buyers are still delaying having new vessels delivered to avoid having to make early payments, Tang said, adding that those factors are hampering market growth.
CSBC will increase its production capacity by 50 percent to meet the challenges of the sluggish market, said Tang, who was president of the shipbuilder before taking over the chairmanship from Cheng Wen-long (鄭文隆) in December.
Although Japan is reeling after the March 11 earthquake, tsunami and nuclear crisis, its shipbuilding industry has not been affected and remains one of the world’s top three shipbuilders. along with China and South Korea, Tang said.
CSBC’s orders of raw materials and equipment from Japan have therefore not been affected by the earthquake, he added.
Tang said the company planned to pay out a cash dividend of NT$1.80 a share on last year’s earnings. The Kaohsiung-based shipbuilder reported a net income of NT$1.7 billion (US$57.7 million) last year, down 30.8 percent from NT$2.46 billion the previous year, according to a statement to the Taiwan Stock Exchange on Tuesday.
Earnings per share were NT$2.3 last year, compared with NT$3.39 in 2009. Last year’s revenue also declined 16.1 percent to NT$26.17 billion from NT$31.19 billion in 2009.
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