China Shipbuilding Industry Corp (CSIC), the state-run shipbuilding group that controls many northern Chinese yards, is looking at taking advantage of the downturn by acquiring some overseas yards, especially in Europe.

In a bid to boost its technology expertise, CSIC recently held advanced talks with one European shipbuilder.

CSIC senior executive Sun Bo said, "The talks did not bear any fruit, but we will continue pursuing the idea of mergers and acquisitions of European shipbuilding companies."

source:asiasis