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Shanghai Waigaoqiao buys into to Jiangnan Changxing

Shanghai Waigaoqiao buys into to Jiangnan Changxing

Shanghai: China State Shipbuilding Corporation (CSSC) will acquire 65% equity stake in Shanghai Jiangnan Changxing Shipbuilding, a company jointly owned by CSSC and Baosteel Group, for RMB2.29 billion through its fully owned subsidiary, Shanghai Waigaoqiao Shipbuilding. CSSC's annual shipbuilding capacity will grow to 7 million deadweight tons after the acquisition and will probably become the second largest shipbuilder in the world, behind Korea's Hyundai Heavy Industry. The construction of the shipbuilding base of Changxing had started in June 2005 and will likely be finished in 2008. Currently, Changxing is building 6 vessels and the company expects to build at least 9 vessels in 2009. By 2010, Changxing's annual shipbuilding capacity will reach 3.32 million deadweight tons.  [10/01/08]

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