Yangzijiang sets up shipmanagement firm in FTZ

Shanghai: Singapore-listed Yangzijiang Shipbuilding has announced that it has incorporated a wholly owned subsidiary, Shanghai Run Yuan Shipping Management, in the newly formed Free Trade Zone (FTZ) in Shanghai with a registered capital of $3m.

Yangzijiang Shipbuilding said the subsidiary has been established under the support of preferential policies made by Shanghai government to attract foreign investors to set up ship management companies, and the subsidiary is the first direct foreign invested ship management company incorporated under the scheme.

“The investment is also expected to become an additional revenue stream for the group with progressive expansion of its businesses by providing services to third parties,” Yangzijiang Shipbuilding said in a release. [14/11/13]

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