Yangzijiang Shipbuilding sets up JV company with Mitsui & Co

YANGZIJIANG Shipbuilding has agreed to establish a joint venture company in the Republic of Panama with an initial registered share capital of US$13.2 million with Mitsui & Co, with each taking a 50-50 stake.

This move is supposed to help Yangzijiang take advantage of Mitsui's access to ship-owners along with its own experience in ship-owning, chartering and sale and purchase of vessels. 

They may inject capital given "approved investment opportunity, relevant proposal and implementation plan", the Singapore Exchange announcement on Monday said. 

"The new joint venture company is aimed to satisfy the diversified needs of our global customers through delivery of top-notch quality and performance vessels," said Ren Yuanlin, Yangzijiang's executive chairman.