China State Shipbuilding Corporation, Baosteel, China Shipping Establish Shipbuilding JV

SHANGHAI, June 22 -- China State Shipbuilding Corporation, has jointly built a shipbuilding company with Baosteel Co. and China Shipping (Group) Corporation in Longxue Shipbuilding Base located in south China's Guangzhou city, one of China's three major shipbuilding bases.

    The joint venture company, named CSSC Guangzhou Longxue shipbuilding Co., has a registered capital of 2.72 billion yuan, with China State Shipbuilding Corporation, Baosteel, China Shipping each respectively holding 60 percent, 30 percent and 10 percent shares.

    The new company is built on a land of 2.53 million square meters and has two super large docks and four 600-ton portal jib cranes.

    Its main products cover very large crude carrier (VLCC), Suezmax, Aframax, very large ore carrier (VLOC), large bulk carrier and large container ship. The first phase designed capacity hits 20 ships of 2.12-million dead weight tonnage, while the enlarged capacity could reach 3.5-million dead weight tonnage.

    The company has already received 18 ship orders of 4.16-million tonnage for delivery at the end of 2011. By the end of May 2009, it has built seven 308,000-ton VLCCs and 230,000-ton VLOCs, with four in the docks.

    The establishment of this joint venture company can help augment the links between China's steel, shipbuilding and shipping industries, and further develop a new industrial layout through complementary strengths, according to Tan Zuojun, general manager of China State Shipbuilding Corporation.

    (Source: chinamining.org)