China Merchants has integrated the former Zhejiang Eastern Shipyard (ZESCO) into its shipbuilding subsidiary Yiu Lian Dockyard.
ZESCO has been renamed Yiu Lian Dockyard (Zhejiang) and become the fifth subsidiary yard of China Merchants.
China Merchants Group acquired a 34% stake of ZESCO from bankrupt South Korean company Hanjin Shipping in a court-led auction in May and now China Merchants controls 88% equity shares in Yiu Lian Dockyard (Zhejiang).
According to Zhu Guiming, deputy general manager of China Merchants Industry Holdings, the company will utilise the new yard for the construction of large scale vessels including semi-submersible vessels and cruise ships.
