Jan. 5, 2007 (China Knowledge) - Shanghai Waigaoqiao Shipbuilding Co. built 3.11 million deadweight-tons (DWT) of ships last year, making it the world's eighth-largest shipyard.

It was the first time a Chinese shipbuilder has surpassed the 3 million DWT output mark and joined the world’s top 10 shipbuilding league table by output.

The shipbuilder recorded a profit of RMB 1 billion in 2006, thanks to increased spending on production technology and innovation, which offset the rising costs associated with high steel and other material prices, the company said. It also has orders for more than 80 ships, totaling 14 million DWT and valued at about US$5 billion.

China is now the world's third-biggest shipbuilder by output after Japan and South Korea. It built about 12 million DWT of ships in 2005, and has set the target of becoming the world's top shipyard by 2015, when the country is expected to build 24 million DWT of ships a year.