- Yangzijiang Shipbuilding is acquiring a 34 percent stake in a wholly owned subsidiary of Japanese shipyard Tsuneishi Group for a consideration of 833.1 million yuan (S$158.3 million).
- Announcing the joint venture agreement, the Chinese shipbuilding group said that it will purchase the stake in Tsuneishi Group (Zhoushan) Shipbuilding through a private share allotment.
TSUNEISHI Group agreed with Yangzijiang Shipbuilding (Holdings) Ltd., a major Chinese private shipbuilder, to conduct a third-party allotment to Yangzijiang Shipbuilding of new shares of TSUNEISHI GROUP (ZHOUSHAN) SHIPBUILDING INC., a wholly owned subsidiary of TSUNEISHI HOLDINGS CORPORATION.
TSUNEISHI Group and Yangzijiang Shipbuilding intend to use this third-party allotment of new shares of TZS as an opportunity to deepen their long-standing cooperative relationship and actively work to help realize decarbonization of the shipbuilding and shipping industries.
Joint venture for marine decarbonization
TSUNEISHI Group and Yangzijiang Shipbuilding share the management philosophy that values a strong sense of contribution to local communities and the society and the management policy of being dedicated to the shipbuilding business for private sector demands. Over years both companies have cultivated various forms of cooperation primarily in the field of shipbuilding. In particular, Mitsui E&S Shipbuilding Co., Ltd. (“MES-S”), a TSUNEISHI Group company, has closely worked with Yangzijiang Shipbuilding in relation to JIANGSU YANGZI-MITSUI SHIPBUILDING CO., LTD. (“YAMIC”), a shipbuilding joint venture that has been owned and run by MES-S, Yangzijiang Shipbuilding and Mitsui & Co., Ltd. since 2019.
As MES-S became a consolidated subsidiary of TSUNEISHI SHIPBUILDING Co., Ltd. and joined TSUNEISHI Group in 2022, TSUNEISHI Group has participated in the management of YAMIC, through which the Group has further deepened collaborative relationship with Yangzijiang Shipbuilding. As part of this collaboration, TSUNEISHI Group and Yangzijiang Shipbuilding have joined forces to drive initiatives for decarbonizing marine fuels with the production of fuel tanks for LNG (liquefied natural gas) and other alternative fuels already started at YAMIC. Going forward, the two companies aim to pursue synergies with various related initiatives in progress including the development and in-house production of dual-fuel ships and pressure tanks having been led by TSUNEISHI SHIPBUILDING.
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Source: TSUNEISHI
