China's marine industry equipment development is on the“Rising channel”

(Summary description)Faced with the downturn in the traditional ship market and the booming marine equipment market, Chinese enterprises are also taking measures to step up their efforts to develop the marine industry. According to statistics released by the China Shipping Association, in the first half of 2013, of the $33bn in global orders for marine equipment, Chinese companies have signed $8bn in New Orders, second only to South Korea's $14bn and ahead of Singapore's $4.5 bn.

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Time of issue:2013-10-09 10:36
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— Release time — 2013-10-09

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Faced with the downturn in the traditional ship market and the booming marine equipment market, Chinese enterprises are also taking measures to step up their efforts to develop the marine industry. According to statistics released by the China Shipping Association, in the first half of 2013, of the $33bn in global orders for marine equipment, Chinese companies have signed $8bn in New Orders, second only to South Korea's $14bn and ahead of Singapore's $4.5 bn.

For the newly-started Chinese Marine Equipment Enterprises, the technology and capacity reserves do not hold an advantage over competitors, and the enterprises are still located in the lower end of the global industry. Jackup rig, for example, accounted for 62 per cent of all orders from our companies in the first half. And the high-tech, high-value-added market for deep-water equipment is still firmly controlled by South Korea, deep-water floating production equipment accounted for 40% of its orders. Breaking the competition mode of“Price War” and entering the high-end market is the only way for the long-term development of domestic marine equipment enterprises.

Industry analysts believe that at present, the global marine equipment market is still expected to maintain a steady momentum of development. High and volatile crude oil prices, offshore oil and gas exploration and development demand is still rising. At the same time, production equipment is set to become a new hot spot following the “Blowout” of orders for drilling ships and Jackup rig.

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