Rongsheng Heavy Industries Group, one of China’s largest shipbuilders, completed 3.9 million deadweight tons in 2012, setting a company record.

The company also said that the shipbuilding business, despite a global downturn, remains its main source of revenue.

More than one third of global shipping companies have suffered financial losses, industry data showed.

Rongsheng said, in a statement, that it expects to see a recovery in the industry in both orders and prices.