4. How is the existing market condition
affecting your perception of the future?
As one of the bigger players in China, our six
shipyards in Dalian, Guangdong, Nantong, Qidong,
Shanghai and Zhoushan have a combined dry
dock capacity of 990,000 DWT and floating dock
capacity of 1,135,000 DWT. Our shipyards have
the capacity and synergy to build, convert, repair
and service various types of cargo vessels and a
wide variety of offshore engineering requirements.
Over the years, we have been continually
sharpening the skills and capability of our workforce
and improving the effectiveness of our facilities to
cater to the increasingly sophisticated needs and
demands of our customers.
In 2015, we successfully secured for the first time
a contract to build seven containerships of 3,600
TEU (20-foot equivalent). This shipbuilding order
from Maersk Line, the world’s largest container
shipping group, is an important contract for us.
It is a significant follow-up to the previous year’s
success in securing a US$470 million contract
from Maersk Supply Service AS, another member
of the Moller-Maersk Group, to construct four sub-
sea supply vessels scheduled for delivery in fourth
quarter 2016.
In addition to the Maersk deal, we received
newbuild orders for two cargo transfer vessels,
one research vessel, one module carrier, one
tanker assist / emergency response / rescue / field
support vessel, two oil tankers, one shuttle tanker,
one product oil tanker and one FPSO conversion.
While the broad environment is challenging in
the near term, we believe there will still be niche
demand in the market for offshore construction
vessels, floating production units and underwater
construction units. We need to focus our marketing
efforts and channel our resources to capture such
opportunities and further diversify our portfolio for
the future.
Pressing forward, we must keep our fingers
firmly on the pulse of the market, remain agile
and leverage on our strengths and competitive
advantages to tide through this difficult time.
Key Messages
21
COSCO Corporation (Singapore) Limited
Annual Report 2015
