China Ocean Shipbuilding posts larger net loss

China Ocean Shipbuilding Industry Group continued to stay in the red in the first-half after posting a larger net loss despite higher revenue.The Hong Kong-listed shipbuilder and

securities trader recorded a first-half net loss of HK$158.1m ($20.3m) compared to HK$132.3m in the same period of 2010.
Revenue, however, rose to HK$620.6m compared to HK$582m a year ago.
As at 30 June 2011, the group secured orderbook of 19 vessels, including three chemical carriers, 14 heavy lift vessels and two multi-purpose vessels. The vessels are scheduled for delivery up to the first-quarter of 2013.
Looking ahead, the company expects conditions of shipbuilding industry to remain challenging.
“The concern about shipbuilding overcapacity remains exist,” China Ocean Shipbuilding said.
The company said it is looking to seek domestic shipbuilding orders instead of depending on the international market as the western countries' economy have still not recovered and the sovereign debt crises may lead them into recession.