WUT Ship, an affiliate ship design company of Wuhan University of Technology (WUT), has signed an agreement with Ezhou Guangda Shipbuilding to set up a joint venture called WUT Guangda Shipbuilding.
WUT Ship will invest RMB51m ($7.5m) for a 51% stake of the jv while Guangda Shipbuilding will take a 30% share, while the remaining 19% will be held by private equity funds.
The joint venture will use the yard at Guangda Shipbuilding to conduct shipbuilding activities. Guangda Shipbuilding mainly builds bulk carriers, offshore vessels as well as ferries.
WUT Ship said the jv will use its advantages in river-sea cargo ship design and create new growth for the company.