China-based Guangzhou Shipyard International (GSI) said it has won 18 new vessel orders for 2014, totalling 2.6 million dwt.

The new orders were made up of MR tankers, as well as 50,000dwt product and chemical tankers, according to a stock filing of GSI.

In its non-shipbuilding business, new orders comprising steel structures and machineries amounted to CNY1.6bn (US$255m).

In 2014, the yard commenced the construction of 23 vessels, launched 25 vessels, and completed 18 vessels.

For the financial year that ended on Dec. 31, 2014, GSI's revenues rose 63 percent year on year to CNY9.5bn, due to increases in shipbuilding business.

GSI returned to the black with CNY151m in profits for 2014 on investment gains incurred by equity disposals, particularly the disposal of 100 percent stake in wholly owned Guangzhou Shipyard Industrial in 2014.

In addition, GSI sold three other subsidiaries in non-core operations - Hunan Hengyang Shop, Hongfang Hotel and Guangzhou Jinzhou - in 2014.

GSI also completed the acquisition of Longxue Shipbuilding in 2014.