Global newbuilding prices of ships have bottomed-out and they will not drop further, according to Chen Qiang, ceo of China Rongsheng Heavy Industries.
As the trough of the shipbuilding cycle has now passed, China Rongsheng is expected to perform better financially during the second half of 2013, and 2014 will be an even better year, Chen said at a recent shareholders meeting.
Jiangsu Rongsheng Heavy Industries, the subsidiary of China Rongsheng, posted a net loss of RMB49.21m ($8m) in the first quarter ended 31 March 2013.
In the offshore sector, China Rongsheng is currently working on orders for two jobs worth $360m, and sitting on five options.
In the conventional shipbuilding business, China Rongsheng delivered 3.93m dwt of vessel capacity last year.