Shanghaiguan to build 1M DWT facility

A Chinese Joint Venture company consisting of Shanghaiguan Shipyard in Hebei, Hebei Cosco, Hebei Construction and an unknown steel holding company, has set up Shanhaiguan Shipbuilding Heavy Industries with a capital investment of CNY 2.6 billion ($314 million). The new company will build a 1 million DWT shipbuilding facility by 2008 and will mainly build cape size bulk carriers as well as container ships, product carriers, tankers and LPG carriers.