CSSC invests $99m in propulsion R&D

CSSC invests $99m in propulsion R&D

China’s state-run shipbuilding conglomerate China State Shipbuilding Corportation (CSSC) has announced that the group and its subsidiary Hudong Heavy Machinery will jointly invest a further RMB629m ($99m) into CSSC Propulsion Research Institute to support the development of its propulsion R&D platform

The investment will be made in two phases, with RMB400m ($63) allocated for 2015 and RMB229m ($36m) for 2016.

CSSC said the investment will facilitate the development of several propulsion projects of the group and accelerate its joint venture project with Wärtsilä. In January, CSSC and Wärtsilä set up a joint venture, Winterthur Gas & Diesel, to jointly develop and promote sales of the Wartsila 2-stroke engine portfolio.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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