Yangzijiang Shipbuilding, Dohle Enters Joint Venture Agreement (China)

Yangzijiang Shipbuilding is teaming up with Dohle to take the ownership of four post-panamax bulkers which are at the moment under construction at Yangzijiang’s shipyard.

Singapore-listed Yangzijiang announced that one of its subsidiaries, SEAVI Advent Investments Asia, has entered a joint venture with Dohle in order to organize special purpose companies that will own the vessels. These 92,500 DWT bulk carriers are scheduled for delivery in the first quarter of 2012.

China Development Bank is going to finance 70% – 75% of the costs.

One of the Yangzijiang’s officials said: “The board is of the view that the investment is in the best interest of the group and to alleviate the pressure of less new shipbuilding orders in bulk carrier market.”

Yangzijiang Shipbuilding (Holdings) Ltd, large shipbuilding enterprise, is the first shipbuilding enterprise in China that entered he stock market in Singapore. The Company covers area of 2.2 million M2 and a wharf line of 3,000m, and employs over 10,000 staff and workers. Equipped with one large dry dock and five large and medium-sized slipways, the Company boasts the shipbuilding capacity over 1 million DWT annually in terms of ship tonnage. The main stream products of the Company range from large and medium-sized containerships, large bulk carriers to, medium multi-purpose ships.

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Shipbuilding Tribune Staff, January 18, 2012; Image: yzjship