Yangzijiang Shipbuilding has become the latest Chinese shipbuilder to look at setting up a domestic ship scrapping operation.
The Singapore-listed company has taken a 20% stake in a new company called Jiangsu Huainan Metal Processing (JHMPCO).
JHMPCO’s core business will be scrap steel processing, which will serve as a platform to enter the environmentally friendly ship-breaking sector.
Yangzijiang said construction is expected to be completed in the first half of 2010 with operations commencing in stages thereafter.
It
