KHI, China Ocean Shipping To Set Up Shipyard
August 20, 1999
As Beijing looks to boost ship exports, Japan’s Kawasaki Heavy Industry Ltd. and state-run China Ocean Shipping Group have announced intentions to set up a $96.8 million shipyard in east China.
The shipyard, to be located in Nantong in Jiangsu province, would be a 50/50 joint venture and would design and build vessels of at least 160,000 dwt.
There was also report last week that South Korea’s Samsung Heavy Industries Ltd. is expected to set up a wholly-owned shipyard in Ningbo in Zhejiang province.
It said the second phase of the project would require approval from the State Development Planning Commission but gave no further details.
China has been trying to boost exports to spur its sluggish economic growth.
Exports showed signs of a recovery in July, rising 7.5 percent from a year before, but they were down 2.8 percent for the first seven months this year. Beijing has increased tax rebates to shipbuilders twice since last year in an attempt to help ship exports.
China is also reassessing the long entrenched protection of state industry, hoping to lure private investment in shipbuilding and other industries to boost competitiveness of some of its ailing government companies.
Related News
Jan De Nul Orders Another XL Cable Layer
Houthis Claim More Ship Attacks, Targetting US Warship and Merchant Vessel
Van Oord Launches Giant Offshore Wind Installation Vessel
Silversea Takes Delivery of New Cruise Ship Silver Ray
UK Confirms It Will Build Six New Warships