Yongyue starts work on new dry dock

Construction on a new 300,000dwt dry dock has started at the Yongyue Shipyard at their at Mashidao facility in China. The ship repairer and shipbuilder will complete this dock by the end of 2005 and will commence work on a 100,000dwt dry dock. Total investment is CNY 450 million. The company will also build a floating dock and other facilities.