China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC) will be able to merge to form China’s largest shipbuilding group.
The final clearance was given by the State-Owned Supervision and Administration Commission of the State-Council, which is responsible for the control and supervision of state-owned companies. In a press release published a few days ago, Beijing stated that the two companies can now proceed with setting up the China Shipbuilding Group Co., a colossus with a revenue of US $141.5 billion.
President and vice-president of Newco will be Lei Fanpei and Yang Jincheng respectively, both at the top of the SCCS. While the role of Executive Director has been attributed to CSIC No. 1, Wu Yongjie.
The research firm Clarksons has stated that by combining their respective orderbooks, the two companies will cover about 15% of ship deliveries Worldwide.
Translation by Giles Foster