Singapore: Nimble Chinese yard Yangzijiang Shipbuilding continues to diversify as it looks to avoid the worst of the downturn. The Singapore-listed private company made two announcements yesterday. First it bought out Chinese company JLIITCO which is involved in the trading of raw materials.
“This investment is expected to be an additional revenue stream to the group and to reduce the dependency on the import and export of steel related products from third party for [our] shipbuilding activities,” the shipbuilder said.
Secondly, through its 60%-owned subsidiary, Jiangsu Yangzi Xinfu Shipbuilding, the shipbuilder incorporated a subsidiary in Taixing City, Taixing Yangzi Xinfu Ship Accessories Processing, which will provide ship accessories processing services. “This investment is expected to shorten the production cycle of the Xinfu yard,” Yangzijiang reckoned. [24/01/13]
