After nearly a decade of dormancy, China's largest private shipbuilding enterprise—Rongsheng Heavy Industry—is ready to re-enter the global shipbuilding arena under a new identity: Jiangsu New Rongsheng Heavy Industry Co., Ltd.
According to exclusive information from XINDE MARINE NEWS, the inauguration ceremony will be held in January 2025.
The company has already secured several new shipbuilding contracts, including major orders from MSC (Mediterranean Shipping Company) and Capital Maritime. The orders include:
8 dual-fuel LNG-powered 11,500 TEU container ships for MSC, the world’s largest container shipping company.
At least 2 Newcastlemax-type bulk carriers (210,000 DWT) for Capital Maritime, a leading Greek owner.
The shipbuilding industry has been buzzing with excitement over New Rongsheng’s revival, with early estimates suggesting these orders could be worth over $1.4 billion USD (around RMB 10.2 billion), although there’s speculation of possible discounts due to market conditions.
Established in May 2024, New Rongsheng marks the return of a once-major player in China’s shipbuilding sector.
The company’s business scope includes shipbuilding, ship repair, port operation, and ship design, signaling a well-rounded approach to revitalizing its legacy.
Once a titan in China’s private shipbuilding industry, Rongsheng faced a crippling debt crisis in the early 2010s, leading to its exit from the market. From 2008 to 2017, it delivered 94 vessels, including 16 Valemax-type bulk carriers for Vale, before ceasing production. However, recent global demand for new ships has created a fertile environment for its rebirth.
Industry analysts have raised questions about the feasibility of a comeback, citing the need for significant capital investment and skilled workforce, alongside doubts about securing financing and contracts. But with strong backing and strategic new orders, New Rongsheng is aiming to prove the skeptics wrong.
New Rongsheng’s return signals the resurgence of China’s private shipbuilding sector as key players ramp up their production capabilities. With strong support from major international owners like MSC and Capital Maritime, and the growing demand for eco-friendly, LNG-powered vessels, this could be just the beginning of a new phase in global shipbuilding.
by Xinde Marine News Chen Yang
Please Contact Us at：
media@xindemarine.com
