State-owned China Shipbuilding Industry Corp (CSIC) has announced an internal reorganisation of its various shipyard subsidiaries by putting Shanhaiguan New Shipbuilding Industry under the charge of Dalian Shipbuilding Industry Co (DSIC).

Shanghai-listed CSIC said it will transfer its 100% ownership in Shanhaiguan to DSIC, making the former a wholly-owned unit of the latter.

The reorganisation is part of consolidation and streamlining efforts made by state-owned shipbuilders in order to more efficiently utilise resources and reduce costs amid the severe industry slump.