CHINA’S state-owned shipbuilding conglomerate China State Shipbuilding Corp is off to a strong start in 2025, with its major listed companies reporting substantial year-on-year profit gains for the first quarter.

Three listed subsidiaries of CSSC — China CSSC Holdings, China Shipbuilding Industry Corp and CSSC Offshore & Marine Engineering — have projected sharp profit growth in the first quarter of 2025, reflecting a robust pipeline of vessel deliveries and accelerating demand for green vessels.

China CSSC Holdings expects net profit attributable to shareholders to range between Yuan1bn-Yuan1.2bn ($138m-$165m), marking a year-on-year increase of approximately 149%-199%.

Jiangnan Shipyard delivered three vessels during the quarter, Shanghai Waigaoqiao Shipbuilding completed seven and Guangzhou Shipyard International delivered seven ships. As of March 31, the company held an orderbook of 333 commercial vessels, comprising 25.63m dwt and valued at Yuan225bn.

CSIC, another major unit of the state-owned CSSC group, projects a year-on-year profit increase of between 269.7% and 343.6% in 1Q25, with net income expected to reach between Yuan500m-Yuan600m. The growth comes as subsidiary Qingdao Beihai Shipbuilding delivered three vessels, including two 210,000 dwt ammonia-ready bulk carriers Mineral Portugal (IMO: 9989443) and Mineral Osterreich (IMO: 9989455) for Belgium’s CMB.Tech, 51 and 67 days ahead of schedule respectively.

The strong earnings come as CSSC embarks on a transformation plan to sustain momentum throughout 2025. At the start of this year, CSSC laid out an ambitious road map, focusing on meeting delivery deadlines for strategic projects, accelerating homegrown technological innovation and enhancing its presence in global markets.