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Zhoushan yard gets financial assistance

Zhoushan yard gets financial assistance

Ningbo: Yesterday the biggest shipbuilding enterprise in Zhejiang province, Zhoushan Jinhaiwan Shipyard  (JHW), signed a strategic cooperation agreement with the Hangzhou branch of Bohai Bank. The bank will now take part in JHW's daily operations, production and sales, as well as providing financial  assurance to the yard during these troubled times for shipbuilding. Of acute concern for the yard are the endangered order from John Fredriksen's Golden Ocean for ten kansarmaxes.
JHW is affiliated to Shanghai Zhouji (Group) Co -  a private enterprise with large ambitions. JHW is located on Changtu Island to the east of Daishan Penglai Island, which is in the middle of the Zhoushan archipelago, off the edge of Hangzhou Bay, close to Shanghai, Hangzhou and  Ningbo.
The company was established in February, 2004, and put into full operation in July, 2007. Along nearly 11 km coastline, JHW is equipped with a 3,000-metre outfitting wharf and 4 docks. The steel plate processing output is planned to reach more than 500,000 tons per year and the yearly output of shipbuilding aims to be more than 4.5 million tons. JHW is capable of building types of large and medium ships such as crude oil tankers, bulk carriers and container ships. Now, the yard has more than US$4 billion  shipbuilding orders including more than 50 bulk carriers of between 80,000dwt and 176,000dwt, as well as about 30 large tankers. The parent company aims to become one of the largest private yards in China.  [11/03/09]

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