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CSSC TIANJIN ACQUIRES NEIGHBOURING YARD AND ADDS TWO DRYDOCKS
DETAIL INFORMATION
The world-class shipbuilder CSSC, with its Bohai Bay business, CSSC Tianjin, is growing rapidly after acquiring a nearby yard that filed for bankruptcy in 2021.
In the Tianjin Lingang free zone, Tianjin Xingang Shipbuilding Heavy Industry has a yard that CSSC plans to purchase in part. Following Tianjin Xingang's collapse in 2021, CSSC Tianjin has started renting out a portion of its assets, which include 22 buildings and six land parcels. Due to a full orderbook and a need for space, CSSC Tianjin chose to purchase the yard altogether from its owner, Hong Kong Shipbuilding Industry Corporation, when the lease came to an end in December.
A 500,000-ton drydock, a 300,000-ton drydock, two gantry cranes, a module plant, a paint facility, and more than a mile of additional wharfage for outfitting and cargo handling are among the recently purchased assets. With the new assets, CSSC Tianjin anticipates increasing its yearly shipbuilding capacity by an additional 2.4 million deadweight tonnes, or around 5% of China's already record-breaking overall output. It is estimated that the cost is $550 million.