Sinopacific Shipbuilding Embraces New Development Opportunity

During the Fifth Plenum of the 17th CPC Central Committee, the State Council issued Decisions to Speed Up the Cultivation and Development of Strategic Emerging Industries. Based on these Decisions, offshore engineering equipment will become one of the major industries that will receive considerable support from the government during the 12th Five-Year Plan period. According to sources from China National Offshore Oils Corporation, the Chinese government will invest more than RMB 250 billion in the offshore engineering equipment industry in the next 5 years.
“These Decisions offer Sinopacific Shipbuilding Group a very important development opportunity", said Mr. Liang Xiaolei, Chairman & CEO of Sinopacific Shipbuilding Group, a leading Chinese private shipbuilding company, “As the world’s largest offshore vessel builder, Sinopacific Shipbuilding Group will further increase our investment and innovation in offshore vessel building, strengthen our cooperation with international partners and adopt the most advanced technologies and talents while fulfilling our responsibility to boost the transition and upgrade of China’s shipbuilding sector." From 2003 till the end of Sep, 2010, Sinopacific Shipbuilding has altogether delivered 202 ships. During the first three quarters of 2010, Sinopacific Shipbuilding has achieved a significant increase of new orders. Sinopacific had got 30 more offshore vessels new orders compared with the same period last year. Under the international financial crisis and the shipbuilding industry downturn, Sinopacific Shipbuilding can still keep the amount of order book stable, even increasing in 2010 to more than 4 billions US$. 
An emerging company in the shipbuilding sector, Sinopacific Shipbuilding Group has rapidly developed into a leading Chinese private shipbuilding company.  In less than 7 years the company’s output value increased from RMB 200 million to RMB12 billion, creating a growth miracle in China’s shipbuilding sector. The offshore vessel business is certainly one of the winning components of Sinopacific Shipbuilding’s success. With an in-depth understanding of domestic and overseas shipbuilding markets, Sinopacific Shipbuilding established a clear development strategy themed “to become the leader in the niche market” that focuses on offshore vessels. Within 5 years of its founding, Sinopacific Shipbuilding had become the world’s largest offshore vessel builder, holding over 1/3 of the global market share in several special-purpose vessels such as oil platform supply vessels, and winning a large amount of all orders for offshore support vessels national wide.
In June 2010, Sinopacific Shipbuilding signed a US $ 1 billion offshore vessels order in partnership with Bourbon, a leading international marine services provider. This cooperation will further strengthen Sinopacific Shipbuilding’s position as a leader in the global offshore vessel market and help the company to strategically optimize and upgrade its industrial structure. This order refers to 4 new Sinopacific Shipbuilding self designed advanced offshore vessels, the first time China is winning contract for locally designed offshore vessels. Meanwhile, as the largest order received by a domestic shipbuilder since the beginning of the global financial crisis, this order also was acknowledged as “The Deal of the Year” at the Inaugural Seatrade China Awards on Oct.13th.
 “The reason Sinopacific Shipbuilding has become a leading global offshore vessel builder in such a short time is that we stick to a globalization strategy,” said Mr. Lin Bo, Chief Operating Officer of Sinopacific Shipbuilding Group. “The core competitiveness of offshore engineering is our capability to manage and interact with international talent and advanced technical resources. By implementing a globalization strategy and following advanced international standards in production facilities and management, we have benefited from numerous international experts and assimilated and accumulated rich advanced international experience in shipbuilding.”
The success of Sinopacific Shipbuilding will promote the overall development and international competitiveness of Chinese private shipbuilding companies, and offer attractive jobs to Chinese graduates while providing a useful and practical development path for China’s shipbuilding sector.
The Sinopacific Shipbuilding Group is a fast-paced, joint venture in China’s shipbuilding industry. The company’s core business includes ship design, shipbuilding and international trade.
With strong forward-looking strategy, state-of-the-art facilities, flexible management concept and advanced technologies, the Sinopacific Shipbuilding Group offers a high quality service and products to its customers. The Group’s product line includes bulk carriers, container ships, gas carriers/ liquid cargo vessels and offshore oil platform supply vessels.  Within the last 5 years, the annual ship output and production value increased by 68% and 72% respectively.
The Group aims to emerge as the market leader in China’s shipbuilding industry by consistently reengineering its business process to seek new innovation and management style. Through an integrated management system, it achieved centralized resource management, cost reduction and increase of production effectiveness which builds up its solid foundation to continue its growth towards the leading company in China’s ship building industry.