China says to encourage shipbuilders to list shares
SHANGHAI, June 5 (Reuters) - China will support plans by qualified shipbuilders to list their shares and issue bonds, as part of an aid plan for the shipbuilding industry, the China Association of National Shipbuilding Industry said on its website (www.cansi.org.cn).
Earlier this year, China's cabinet encouraged banks to step up trade finance for exports of ships. [ID:nLB760451] Beijing also encouraged domestic shippers to purchase vessels ordered by overseas buyers who later cancelled their orders, the association cited the Ministry of Industry and Information Technology as saying.
China's shipbuilding industry has taken a heavy blow from the global economic downturn due to shrinking orders.
In the first four months of the year, key shipbuilders were forced to cancel orders of 28 vessels with 1.15 million dead weight tonnes, up 12 vessels and 250,000 dead weight tonnes in the first three months, the association said.
China plans to expand its share in the global shipbuilding industry to at least 35 percent in 2011, and to occupy a 10 percent share in the marine equipment market, it also said.
China's largest shipbuilders include Guangzhou Shipyard (0317.HK)(600685.SS) and China State Shipbuilding Co (600150.SS). (Reporting by Rujun Shen and Edmund Klamann; Editing by Ken Wills)
