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CSSC pens strategic cooperation to develop China’s cruise sector

CSSC pens strategic cooperation to develop China’s cruise sector

China State Shipbuilding Corporation (CSSC) has entered into an agreement with sovereign wealth fund China Investment Corporation (CIC) to cooperate on developing the country’s cruise sector.

The comprehensive strategic cooperation framework will see the two sides establish a joint venture cruise company, dedicated to support China’s local yards building cruise vessels and to grow the cruise ship supplier sector.

Dong Qiang, chairman of CSSC, was reported saying that China aims to eventually be able to build world class cruise ships, and CSSC aims to the main driving force behind that goal.

Ding Xuedong, chairman and ceo of CIC, has expressed confidence that the partnership will push China’s cruise shipbuilding industry to the forefront, tapping on CSSC’s industrial experience as the country's largest ship construction group and CIC’s strong financial resources.

Last October, Carnival Corp. & plc signed a memorandum of understanding with CSSC to explore a possible joint venture aimed at accelerating the development and growth of cruising in China. A month later, Fincantieri signed memoranda of understanding with Carnival Corp. and China's largest shipbuilding group to explore the possibility of joint ventures in constructing cruise ships for the Chinese market.

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