On October 20th, Dalian Shipbuilding Industry Changxingdao Shipyard successfully settled its payment for the “Xin Haitong 811” vessel repair project in offshore RMB. This marks the shipbuilder’s third successful RMB settlement for foreign-flagged vessels. This achievement not only marks a new breakthrough in cross-border RMB settlement for the shipbuilder, but also demonstrates the practical value of RMB as a settlement currency in international trade.
Since launching its first cross-border RMB settlement business in 2024, this model has become a core tool for Dalian Shipbuilding Industry Changxingdao Shipyard to enhance its international competitiveness. The advantage of mitigating exchange rate fluctuations is particularly significant.
Previously, when using foreign currency for settlement, there was often a time lag between project quotation, contract signing, and payment, and exchange rate fluctuations during this period could reduce actual returns. In contrast, RMB settlement uses RMB throughout the entire process, completely locking in the settlement currency. This eliminates the need for the shipbuilder to frequently adjust its financial strategies due to exchange rate ups and downs, effectively ensuring the stability of project returns.
At the same time, cross-border RMB settlement eliminates the intermediate links in currency exchange, significantly reducing hidden expenses such as bank fees and exchange rate spreads, thereby achieving significant cost reduction and efficiency improvement. It also allows the marketing department to provide quotations with greater advantages and stability, avoiding frequent quotation adjustments due to exchange rate fluctuations, providing overseas customers with more certain cooperation expectations, and injecting strong momentum into the overseas business expansion of Dalian Shipbuilding Industry Changxingdao Shipyard.
The recent practice of settling payments in local currency for three foreign vessels vividly demonstrates Dalian Shipbuilding Industry Changxingdao Shipyard’s proactive implementation of the RMB internationalization strategy. This initiative not only reduces the shipyard’s reliance on traditional international settlement currencies but also contributes to building a diversified international settlement system through corporate practice. It has accumulated valuable, replicable, and scalable experience for similar operations within the industry.
Dalian Shipbuilding Industry Changxingdao Shipyard stated that it will further expand the coverage of RMB settlement operations, promote the implementation of proven models in more overseas repair projects, continuously enhance the quality and efficiency of international operations, and steadily consolidate and strengthen its core competitiveness in the global ship repair market.