Chinese container manufacturer China International Marine Containers (CIMC) and Zhoushan Changhong International Shipyard have entered into an agreement to collaborate on shipbuilding business.
Under the agreement, CIMC’s financing unit CIMC Qianhai Financial Leasing will take a major a stake in Zhoushan Changhong and integrate the shipyard resources from both companies.
CIMC is expected to expand its portfolio in shipbuilding through the collaboration as it currently mainly focuses on the manufacturing of offshore units via its affiliate yard CIMC Raffles. CIMC also took over Sinopacific Offshore from financially troubled Sinopacific Shipbuilding last year.
Started off as a ship repair yard, Zhoushan Changhong has developed into a shipbuilding yard with a diversified shipbuilding portfolio in recent years. Currently they yard has two ultramax bulkers and two feedermax containerships under contruction.