Baosteel, CSSC to set up shipbuilding jv

China’s Baosteel Group Corp and China State Shipbuilding Corp (CSSC) signed an agreement to invest more than 10 bln yuan in a civilian shipbuilding joint venture, the official Xinhua News Agency reported.

Xinhua said China State Shipbuilding Corp will have a 65% stake in the venture, with Baosteel holding the rest. The venture will build two shipyards on Changxing Island, at the mouth of the Yangtze River. Each yard will have two docks with a total of 4.5 million deadweight tonnes of shipbuilding capacity.

Shipbuilding activity at the yards will start later this year, the agency said, adding that the planned venture has already received building orders.