Greater ChinaShipyards

Yangzijiang Shipbuilding offloads two subsidiaries

Chinese shipbuilder Yangzijiang Shipbuilding has disposed of its shareholdings in two subsidiaries as part of its efforts to shed non-core businesses.

The shipyard has sold its entire 50% equity interest in Jiangsu Huayuan Metal Processing, which is mainly involved in ship demolishing for RMB93.5m ($13.9m). In addition, it has disposed of 100% equity interst in Zongzhou Vessel Component Manufacturing for RMB1m.

In March, Yangzijiang said it plans to slash another 2,000 staff from its workforce this year to fight the protracted ship ordering downturn. The shipyard has already slashed its workforce by 20% in the past two years.

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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