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China Merchants Industry Holdings is getting into the cruise ship repair sector

China Merchants Industry Holdings strengthens cruise repair business

China Merchants Industry Holdings is to cooperate with Daishan local government in Zhejiang province to increase investment in Zhejiang Yiu Lian Dockyards and develop it as a luxury cruise ship repair base for CMIH.

China Merchants Offshore Engineering (Shenzhen), the offshore equipment and specialized ships construction and operation arm of CMIH, has inked a capital increase and project expansion cooperation agreement with Daishan government in Zhoushan.

RMB700m investment

According to the agreement, China Merchants Offshore Engineering will upgrade the current shipyard facility of Zhejiang Yiu Lian Dockyards and develop it to be a base for luxury cruise ship repair. The total project investment will be nearly RMB700m.

‘The service ability and industrial environment of Daishan is a great opportunity for us to develop the cruise ship repair business,’ said Yao Rulin, deputy general manager of CMIH.

Zhejiang Yiulian Dockyards, formerly known as Zhejiang Dongbang Shipbuilding and Shiprepair, was acquired and restructured by CMIH in 2018 and then changed its name to Yiu Lian Dockyards. CMIH holds an 88% stake in the facility.