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Tuesday, August 04, 2009

Chinese yard jumps into the scrapping fray


Shanghai: The downturn in global shipbuilding has begin a shift in industry focus towards the demolition side of shipping, with China-based Jiangsu Yangzijiang Shipbuilding becoming the latest yard to target this buoyant sector. The yard intends to set up a $88m ship demolition joint venture with Chongqing Iron and Steel, which would begin operations by the end of next year.
This news comes on the heels of plans to bring mothballed Scottish yard Nigg in Easter Ros into commission to cash in on the growing international ship demolition business.  [03/08/09]