Hanjin to set up JV in China

Hanjin Shipping will construct ship repair joint venture in China. The shipping company said that it will invest $ 2 million to secure 50% share of the joint venture. An unknown shipping company in China will take the remaining 50% share.

The ship repair facility will be constructed close to Yangshan Port and will comprise a 400,000dwt, a 300,000dwt and a 150,000dwt dry dock and the whole facility should be operational by 2007.