China's COSCO Shipyard Group made a new record of an estimated operating profit for 2011 having exceeded CNY 20bn ($3.17bn).
COSCO made a record delivery in 2011 with 47 vessels of 3m dwt. Also, it successfully entered a new market, having delivered six offshore-related vessels.
As for ship repair/conversion, its cumulated production value turned out to be CNY 3.466bn and COSCO is maintaining the upper rank in China.
The Chinese yard worked for cost reduction last year, by reorganizing systems, etc. As a result it cut 15.7% of construction cost for 57,000-dwt bulker and 25% of construction period, which increased delivery by 36%.
Moreover, COSCO built up an Offshore R&D Center and contracted quite a few newbuilding 35,000-dwt bulkers, designed from the center.
Meanwhile, COSCO targets new order of 38 newbuildings and six offshore-related facilities for 2012.