China's largest private-owned shipbuilding group Jiangsu Rongsheng Heavy Industries had a meeting with CANSI, governmental officials, classification society, banks, etc., on September 7.

During the meeting, Rongsheng reported its progress in business transition and those participated discussed about difficulties in business transition and upgrade, current shipbuilding issues, etc.

Also, the shipyard and financial institutions, for instance, Bank of China, Jiangsu branch of the Export-Import Bank of China, etc., made sure to enhance cooperation.

They agreed that advancing into high-value segments, such as offshore or LNG, etc., will give a key to overcome the crisis, but government's support and cooperation with banks should be based.

Rongsheng's chief executive Chen Qiang said winning low-margin newbuildings, lower costs can't no longer be successful.

He added that with sufficient preparation in offshore and LNG segments, Rongsheng signed a deep-sea pipe laying project with the China National Offshore Oil Corporation (CNOOC). 

Also, the shipbuilder has recently established a new company in Singpore to take charge of offshore-related business.