KAWASAKI Kisen Kaisha, Ltd ("K" Line) has signed an agreement with "Zhejiang Eastern Shipyard Co Ltd" (Zesco) to invest in a joint venture set up by "Hanjin Shipping" and "Shunhe Shipping" to provide ship repair services.
Hanjin Shipping will hold 34 per cent, Shunhe Shipping, 34 per cent, Shanghai Changjiang Shipping (a Sinotrans unit) will hold 20 per cent with "K" Line holding 12 per cent.
Since the shipyard became fully operational in April, 24 vessels have so far docked there and 16 more are expected before the end of this year.
The deal was done "by accepting Zesco's [offer to] increase capital for third parties together with Shanghai Changjiang Shipping [a Sinotrans unit]," said a "K" Line statement.
Under the deal, "K" Line will secure a number of repair slots "for increasing numbers of large vessels" at Zesco as a main shareholder and user of the shipyard, which can "accommodate all kinds of vessels, not limited to containerships, without any narrow navigation restriction on the river," a "K" Line statement said.
This latest agreement comes in the wake of "K" Line participation in the ship repair business with "Titan Quanzhou Shipyard Ltd" (TQSL), which is under construction in Quanzhou City , Fujian province.
Last month, "K" Line said it also established a consultancy, named "Shanghai Brainy- Kawasaki Maritime Service Co" (SBK) to "provide full support when vessels dock" in both the Zesco and Titan yards.
The Zesco yard in the northern Zhoushan Islands covers 550,000 square metres with 1,900 metres of coastline.
It has a capacity to repair 150 vessels annually and is equipped with two large graving docks, a hull workshop, a repair berth, a paint shop and a mechanical-electrical workshop. Zesco plans to construct a second repair berth and third graving dock.
Source : HKSG, 07.11.09
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