Singapore-listed Yangzijiang Shipbuilding, China’s largest private shipbuilder, has entered into a joint venture agreement with Japan’s Tsuneishi Holdings to acquire a 34% equity stake in Tsuneishi Group (Zhoushan) Shipbuilding through a private share allotment worth $117m.
Over the years, the two companies have collaborated in various areas of shipbuilding through their joint venture in Jiangsu Yangzi-Mitsui Shipbuilding (YAMIC).
Tsuneishi, one of Japan’s top shipbuilding groups, has overseas yards in Zhoushan, China as well as in the Philippines.
Ren Letian, Yangzijiang’s CEO, said: “This new joint venture will bring together our strengths in research and development, shipbuilding, and supply chains. By combining our expertise, we’ll advance the latest shipbuilding technologies, enhance efficiency, and achieve great results together.”
