Tokyo: Tsuji Heavy Industries Co. plans to spend about 50 billion yen (US$472.45 million) to construct a shipyard in China's Zhejiang Province by next April, the firm's second shipbuilding facility since it entered this business in 2006.
The new shipyard, to be established on 1.6 million sq. meters of land, will be capable of annually turning out 36 midsize and large bulk cargo vessels in the 60,000- to 100,000-ton class. A local firm in the marine transport business will participate in the project.
In the yard's first year, 24 bulk cargo ships for transporting such products as coal and grain will be assembled. The facility will start off with about 2,000 workers, but the staff is expected to increase to 6,500 in three years.
Tsuji Heavy already builds vessels at its shipyard in Jiangsu Province, where labor is cheaper than in Japan.
For the year ended May 2007, sales at the company's shipbuilding division came to about 1 billion yen. Tsuji Heavy seeks to raise this figure to about 70 billion yen in three years. [4/7/08]
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