Jakarta: C&Heavy Industries, the rapidly evolving Korean yard, is to form a joint venture shipyard in Indonesia. According to a local media report, the company and Indonesia's state-run DKB Shipbuilding signed a memorandum of understanding (MOU) on July 25 to launch a joint-venture company to build and repair ships. Under the document, a shipyard capable of building six 50,000-dwt class ships per year is to be constructed within the next five years. The report said that the yard will start with the construction of small- and medium-size ships and will eventually expand its operations to cover VLCCs.
C&HI is a member of C&Group (formerly Seven Mountain Group), which also has Dongnama Shipping under its wing. [30/07/07]
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