Since the beginning of this year, the shipbuilding and repair industry in our city has shown a good trend, with major shipbuilding companies performing outstandingly and each with its own highlights. According to statistics, in the first four months of this year, the added value of our city's shipbuilding industry increased by 37.9% year-on-year, with relevant indicators leading the province.
According to relevant professional analysis, although the world economy is still facing significant downward pressure, the new ship orders for finished oil tankers have shown a rapid growth trend. On the one hand, it stems from the impact of regional conflicts. On the other hand, it is due to the alternation of old and new. Normally, the age of finished oil tankers is 20 years, and most of the finished oil tankers currently operating in the market were built between 2005 and 2010, which means that a large number of old ships will exit the market in the coming years. Therefore, the shipbuilding industry may usher in a wave of orders for finished oil tankers.
Recently, Zhoushan Changhong International Shipbuilding Co., Ltd. signed new shipbuilding contracts for 2 and 8 115000 ton oil tankers with Singaporean and European shipowners, respectively, setting a record for the largest batch of oil tanker orders signed this year. This is also the first time in the history of Changhong International to receive an LR2 type oil tanker order. It is understood that this ship type is a new generation LR2/Afra oil tanker developed by Changhong International and CIMC Shanghai Research Institute based on the latest regulatory rules. As the latest generation product of this type of ship on the market, the ship type has significant energy-saving and environmental protection characteristics. This year, Changhong Shipbuilding has continued to strengthen its business, with 40 orders currently in hand and the shipping schedule scheduled for 2027.
Since the beginning of this year, COSCO Shipping Heavy Industry in Zhoushan has seen a significant increase in ship repair revenue and profits compared to the same period last year. On May 18th, COSCO Shipping Heavy Industries began construction of the 154000 ton shuttle tanker N787 project for the Norwegian shipowner company. This project is the sixth shuttle tanker project jointly built by both parties since the first shuttle tanker construction order was signed in 2012. The project has also been successfully selected as one of the "Top 10 Innovative Products in the Shipbuilding Industry in 2022". COSCO Shipping Heavy Industry is still advancing the construction of its 63600 ton series of bulk carriers this year.
Major shipbuilding and repair enterprises in our city have also made breakthroughs in their repair business. Taking Changhong International as an example, the company has expanded from repairing traditional ship types such as bulk carriers to high-value added ship types such as chemical tankers, roll on/roll off ships, cable laying ships, and oil tankers. In March of this year, Changhong International successfully completed repair projects such as the modification of desulfurization towers for three oil tankers, namely Colt, Jaguar, and Black Panther. In early April, Changhong International concentrated on a batch of oil tanker repair projects, including 2 ultra large oil tankers, 1 Suez extreme oil tanker, and 3 Aframax ships. In the first quarter of this year, the headquarters of Changhong International repaired more than 50 ships, an obvious increase compared with last year.
According to the "Analysis of the Operation of the Shipbuilding Industry in the Province in the First Quarter of 2023", the output value of the shipbuilding industry in Zhoushan region, as well as the average tonnage of new and held orders, led the province in the first quarter. Major major shipping companies have performed outstandingly, each with its own highlights: Zhoushan Changshi Group and Zhoushan COSCO Shipping Heavy Industry have entered the top ten in the country in terms of new order volume in the first quarter of 2023; The largest luxury cruise ship in China, "Dream", has been successfully delivered for maintenance and repair at Xinya Ship; Zhoushan COSCO Shipping Heavy Industry has completed the world's first largest LNG dual fuel powered container ship“