China’s Yangzijiang Shipbuilding has entered into a joint venture agreement with Japan’s Mitsui & Co to establish a joint venture in Panama.
The initial registered capital of the jv is $13.2m and each company will hold 50% equity interest in the jv.
Yangzijiang believes the establishment of the jv is in line with strategies and of the commercial interests of the company to take advantage of its competency in shipbuilding, and leverage on the privileged access of Mitsui to ship owners together with its extensive experience in shipowning, chartering and sale and purchase of vessels.
“The new joint venture company is aimed to satisfy the diversified needs of our global customers through delivery of top-notch quality and performance vessels,” Yangzijiang Shipbuilding said.
Yangzijiang has been making effort to diversify its businesses. In September, it took full control of Huayuan Logistics by acquiring the remaining 40% equity in the company, to expand its presence in shipowning and ship chartering.