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GSI expands into Jiangsu

GSI expands into Jiangsu

Hong Kong: Larger handysize tanker newbuildings will soon be on offer at Guangzhou Shipyard International as it expands into another province. ?The Hong Kong-listed builder is looking to alleviate a logjam of orders as well as chase higher turnover through the lease of a yard in Jiangsu province. ?It is paying CNY 90m ($13.24m) to rent the property in Runzhou Industrial Park in Zhenjiang City for four years starting from August 27th. ?GSI is renting the land from Jiangsu Shenghua "for shipbuilding and other projects", a bourse statement read on Friday. ?"The board considers that the assets lease contract could help the company to alleviate its workspace bottle neck, improve its shipbuilding capacity, secure orders for large-size handy-size tankers, and improve the shipbuilding output as well as turnover," the statement read. ?The 450,000-square-metre plot comes equipped with a drydock and a berth, both operational since March. Some other shipbuilding equipment and infrastructure is in the process of being built. [30/08/10]?

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