SINGAPORE, Mar 19 (GCTL) - From container shipping, Singapore's Pacific International Lines (PIL) has become a shipyard owner with the announcement that it had taken an 18% stake in a 3 billion yuan ship repair and ship recycling yard in Changxing Island, Dalian.
Two others are part of the joint venture: PIL's long-time shipbuilding partner, Dalian Shipbuilding Industry Co (DSIC), which took a 67% majority stake in the 3 billion yuan investment, and steel mill Anshan Iron & Steel Co, which holds the remaining 15%.
Two-thirds of the investment will back Dalian Shipbuilding Industry Marine Services (DSIMS), which will provide 500,000 square metres of space for ship repairs and offshore conversion, according to sources familiar with the matter.
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