Posted on August 5, 2024
New Times Shipbuilding, a prominent privately-owned Chinese shipbuilder, has announced a substantial investment of RMB 5 billion (approximately $691.8 million) to expand its production capabilities. This significant investment is earmarked for the development of a new energy intelligent ship construction project within the Jingjiang Economic and Technological Development Zone. The project encompasses the establishment of smart manufacturing plants, an air pressure station, liquid oxygen and LNG gasification stations, gantry cranes, a large dry dock, an inland terminal, and additional facilities.
Currently, New Times Shipbuilding boasts three substantial dry docks of varying capacities: one 500,000 tonnes-class, one 300,000 tonnes-class, and one 100,000 tonnes-class, alongside three large-size outfitting docks. This robust infrastructure underpins the shipyard’s ability to handle a considerable volume of shipbuilding projects. As of the end of June, the company’s order book included 104 vessels, ensuring a steady workflow and operational capacity through to 2028.
The investment in Jingjiang is aimed at enhancing the shipyard’s ability to meet the growing demand for newbuilding orders, particularly those focused on new energy and intelligent ship technologies. This strategic move aligns with global maritime trends that emphasize sustainability and advanced technology in ship design and construction.
Earlier this month, two other private Chinese shipbuilding companies, Yangzijiang Shipbuilding and Hengli Heavy Industry, also disclosed their respective investment plans to boost production capacities. These investments highlight a broader trend among Chinese shipbuilders to scale up their operations and integrate advanced manufacturing technologies.
The expansion in Taizhou, Jiangsu province, where New Times Shipbuilding plans to develop its new facilities, is part of a concerted effort to maintain competitive edge and leadership in the global shipbuilding market. The new facilities will incorporate cutting-edge technologies designed to streamline production processes and enhance the efficiency of ship construction.
Strategic Investment Aims to Boost New Energy Intelligent Ship Construction
New Times Shipbuilding’s decision to invest heavily in the Jingjiang Economic and Technological Development Zone underscores the company’s commitment to innovation and excellence in the maritime industry. The incorporation of smart manufacturing plants and gasification stations for liquid oxygen and LNG will support the construction of more environmentally friendly and energy-efficient ships. These facilities are expected to play a crucial role in reducing the carbon footprint of the shipbuilding process and the vessels themselves.
The development of a large-size dry dock and an inland terminal as part of this investment will further enhance the shipyard’s logistical capabilities, allowing for the construction and fitting out of larger and more complex vessels. This expansion is anticipated to create significant economic benefits for the region, including job creation and increased economic activity.
As the global maritime industry continues to evolve, investments like those being made by New Times Shipbuilding are essential to meet the demands of the future. The focus on new energy and intelligent ship construction reflects a broader industry shift towards sustainable and technologically advanced maritime solutions.
