SHANGHAI Zhenhua Heavy Industry Co said it expects to clinch US$4 billion of new contracts this year, a 30 percent jump from 2010 as demand for port machineries is recovering.



The company predicted a net loss of 650 million yuan (US$114 million) to 750 million yuan in 2010, the first time in its history, as global recession cut demand for port facilities and sent the company's sales tumbling by 10 billion yuan to 18 billion yuan.



Earnings are expected to reach 20 billion yuan this year from last year's 18 billion yuan, Kang Xuezeng, president of Zhenhua Heavy Industry, told a media briefing over the weekend.



"We have received purchasing inquiries from some energy companies since the end of last year and the marine engineering market is expected to see a recovery in 2012 after hitting the bottom this year," Kang said.



Zhenhua Heavy Industry Co, a major producer of container cranes, has been expanding its product line to include offshore drilling platforms and other facilities for energy exploitation.



It has a 76 percent share in the global port machinery market.



Last year, the company's sales of offshore platforms and marine engineering products account for 40 percent of its total income and is expected to make up half of its sales in the next few years.