SHANGHAI: Shanghai Waigaoqiao Shipbuilding Co, the country's top shipbuilder, churned out 3.11 million deadweight-tons (DWT) of ships last year, making it the world's eighth-largest shipyard.

It was the first time a domestic shipbuilder had crossed the 3 million DWT output mark and edged into the world's top 10 shipbuilding league table by output.

"It is a milestone in the history of China's shipbuilding industry," said Wu Di, the company's chairman, at a ceremony to mark the event.

"Building on our success (in 2006), we are to make an even greater number of ships in 2007," said Chen Minjun, the company's general manager.

He refused to disclose the specific target.

Despite the rising cost of raw materials such as steel, the shipbuilder still managed to make a record profit of 1 billion yuan in 2006, the company said.

"This is largely thanks to our increased spending on production technology and innovation, which offset the rising costs associated with high steel and other material prices," said Chen.

The company has orders for more than 80 ships, totaling 14 million DWT and valued at about $5 billion until 2010.

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