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Chinese heavyweights to set up Guangzhou shipbuilding jv

Chinese heavyweights to set up Guangzhou shipbuilding jv

Shanghai: The China Shipping Group, state-owned shipbuilding giant China State Shipbuilding Corp (CSSC) and the country's largest steel maker by output Baosteel Group Corp, have signed an agreement to set up a shipbuilding joint venture in Guangzhou, South China's Guangdong province.

Although each company's stake in the project is not yet knownm the yard will have an annual capacity of 2.12m dwt and will primarily construct large-size ships for the crude oil and iron ore, markets.

The new agreement comes on the heels of an agreement between Baosteel and CSSC signed in March for the former to invest RMB 10bn ($1.29bn) for a 35% stake in a civilian shipbuilding joint venture to build two shipyards on Changxing Island at the mouth of the Yangtze River. Each yard will consist of two docks with a total of 4.5m dwt shipbuilding capacity.  [02/04/08]