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Incorporating Clean Shipping International


Friday, October 12, 2018 

Japan's Mitsui E&S Shipbuilding has announced that it intends to form a joint venture with Yangzijiang Shipbuilding of China. The move is hoped to secure Mitsui’s position in the overseas marketplace.

51% of the new company will be held by Yangzijiang, with the remainder divided between Mitsui E&S and parent Mitsui & Co, which already does substantial business with Yangzijiang. The joint venture is due to be set up in April 2019, and will operate from one of Yangzijiang’s yards, located in Taicang, Jiangsu Province.

The new venture is expected to begin by building bulk carriers, and later expand into higher-value ships such as tankers and gas carriers.

Japanese shipbuilders are said to be suffering from high costs and lack of orders, in a highly competitive environment. Companies such as Kawasaki have formed similar collaborations with Chinese builders, and Mitsui hopes to similarly benefit. Earlier this year it collaborated with fellow Japanese yard Tsuneishi Shipbuilding, which has several overseas yards.

According to Mitsui E&S CEO Tetsuro Koga, “Yangzijiang is maintaining earnings power even amid an unprecedented shipbuilding slump. Bringing Japanese designs and construction technology to the partnership will let us build high-added-value vessels at low cost."

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