Liu Zhenhua, a veteran worker with over 20 years of experience at Wuhu Xinlian Shipbuilding Co., Ltd., has witnessed the unpredictable ups and downs of China's shipbuilding industry, which he often compares to a "roller coaster." He recalls, "This is the hardest and most difficult time," but remains hopeful as the company takes steps to adapt and survive.
Since 2010, the global shipbuilding industry has been facing a prolonged "cold winter," marked by declining orders, financial challenges, and shrinking profits. This downturn has hit the domestic market hard, pushing many companies into a cyclical low.
Xinlian Company was originally established in 2007 as a restructuring of the state-owned Wuhu Shipyard, which itself had its roots in the Fujiheng Machine Factory, founded in 1900. The factory was one of the 156 key projects supported by the Soviet Union during China’s First Five-Year Plan. Despite its long history, the 100-year-old shipyard struggled in 2010 and 2011, relying on leftover orders from 2009 to stay afloat.
According to Ke Neng, the company’s representative, the slowdown was linked to the 2008 financial crisis, which led to sluggish global economic growth, reduced trade volumes, and lower demand for ships. Additionally, many Chinese shipbuilders focused on low-value vessels like bulk carriers and oil tankers, which became increasingly unprofitable due to rising manufacturing costs.
The Sanshan District Shipbuilding Industrial Park, where Xinlian is located, is one of Anhui Province’s six major shipbuilding bases. Dong Zuming, deputy director of the district’s ship office project, noted that many domestic shipping companies are struggling, with some even going bankrupt. “The cold winter is still ongoing,†he said.
Faced with these challenges, many companies have adopted a “wait-and-see†approach, hoping for an economic recovery. However, Ke Neng warned, “Even if you survive this crisis, will you be so lucky next time?â€
In response, several companies in the industrial park are focusing on transformation and upgrading. Xinlian repositioned itself, targeting high-tech and high-value sectors such as marine engineering vessels and special-purpose ships. This shift has already yielded positive results. In 2012, the company completed an 82,000-ton bulk carrier in just 27 days and secured contracts for two offshore platform supply vessels for a Singapore-based owner. It also advanced a joint venture project in South Africa.
“The value of those offshore engineering vessels built before the Spring Festival reached nearly $300 million,†Ke Neng said. Looking ahead, he expects high-value-added orders to make up over 80% of the company’s total business.
Other local shipyards are also making efforts to weather the storm. Weinan Shipyard invested 20 million yuan in infrastructure to expand its shipbuilding capacity, while Haiqiao Shipyard launched a ship trading platform to enhance support services for parts and crew training. Xinyuan Shipyard is exploring new ventures such as ship repair and scrapping using its shoreline resources.
“2013 will be a crucial year for the domestic shipping industry,†Dong Zuming said. “With national policies guiding the sector, we can expect better industrial restructuring and more sustainable development.â€
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