IMC signs deal with Zhejiang company

The Singapore-based IMC Group has signed a joint venture deal with Zhejiang Yongyue Shipping from China during a recent meeting of the Singapore-Zhejiang Economic and Trade Council in Singapore.

The 50/50 joint venture company will acquire a ship building and repair base in Zhoushan at a total cost of $160 million. The first phase of the project is targeted for completion in August this year and comprises a dry dock which will be able to accommodate vessels up to VLCC size. The broad framework for the second phase is already drafted into the joint venture agreement and will involve the construction of two berths and some additional facilities

The shipyard will be used for ship repair, shipbuilding, ship conversion, as well as marine and offshore engineering and is strategically located at the mouth of the Yangtze River where there is a lot of shipping activity.