Sinozing Shipyard is made up Titan unit Titan Oil Storage Investment (40%), Shanghai Yaoxuan Trading (20%), Ningbo Meiyue Trading (20%) and Shanghai Wenhao International Logistics (20%).
The joint venture company plans to be engaged mainly in retrofit and refurbishment projects rather than pure shipbuilding. These include marine engineering equipment and fitting ship equipment, electro-mechanical equipment and related complementary services (including installation and maintenance service); technical development, technology transfer and technical consulting services in shipping and marine engineering machinery, plant leasing and other consulting services.
The company is located in the North Bund area of Hongkou District in Shanghai which has been designated as a “Shipping Headquarter Base” in 2012 by China's Ministry of Transport. There is an established cluster of Chinese shipping companies which also have their headquarters in this area, Titan said.
It plans to take advantage of China's established shipping policy and the geographical advantages of the North Bund, to offer integrated services such as ship repair, shipbuilding, ship conversation, maritime construction and maritime services in the China market.
The jv company aims to build up a leading comprehensive shipping services company in Asia.
Explaining the rationale for the joint venture, Titan said it "will help the group to develop its business in an orderly manner so as to enable the company to achieve sustainable development".
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