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Companies

Chinese state-owned shipbuilder lets shipyard go under in rare move

CSSC streamlines as focus shifts from jobs to innovation

A CSSC shipyard in Dalian. The Chinese company will bolster research and development even as it streamlines other aspects of the business. (Photo by Shin Watanabe)

DALIAN, China -- China State Shipbuilding Corp. has set sail on efforts to streamline operations and develop new technologies, starting with the bankruptcy of a Tianjin shipyard that has long struggled with debt.

The move is unusual for a state-owned Chinese company, which typically is expected to maintain and even expand employment. But China's leading shipbuilder looks to trim the fat so it can focus more resources on ammonia-fueled vessels and other emerging areas.

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