Chinese Shipyards Confirm CMA CGM Deal

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The two Chinese shipyards that were reported to have won CMA CGM’s order for nine 22,000 TEU vessels have confirmed that they’ve received a letter of intent, according to China Daily.

Shanghai-based shipyards Shanghai Waigaoqiao Shipbuilding and Hudong-Zhonghua Shipbuilding have achieved a great win for China as the country now has a larger share of the global market than its shipbuilding rival South Korea.

It is the first time that Chinese shipyards have topped their South Korean counterparts, taking the deal from South Korea’s largest shipbuilder Hyundai Heavy Industries — previously a favourite to win the contract.

State-run China State Shipbuilding Corporation owns both Shanghai Waigaoqiao Shipbuilding and Hudong-Zhonghua Shipbuilding.

Data from Beijing-based China Association of the National Shipbuilding Industry shows that shipbuilders in China received orders for new vessels with a collective capacity of 8.14 million dead weight metric tons in the first half of 2017, accounting for 31.4% of the global market, while South Korea's shipbuilding industry held a 30.6% share.

In an interview with China Daily, Dong Liwan, a shipbuilding industry researcher at Shanghai Maritime University, said: “The 22,000 TEU-containership will become the world's largest of its kind once completed, outsizing the current leader, a 21,413-TEU containership made in South Korea (pictured above).

“It really is an industrial breakthrough of decades.”

Zhang Xueling, a researcher at the Shanghai Ship and Shipping Research Institute, has predicted that each ship will cost $160 million to build and the service life can reach 25 to 30 years.

CMA CGM is yet to confirm the deal.

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