The acquisition is being made through a private share allotment and the deal aims to drive decarbonisation in the shipbuilding and maritime industries. 

The joint venture agreement marks a significant step in strengthening the relationship between Yangzijiang and Tsuneishi Zhoushan Shipbuilding, both of which say they share a commitment to sustainable growth and a focus on private-sector shipbuilding.

The two companies already collaborate in various areas of shipbuilding through their joint venture in Jiangsu Yangzi-Mitsui Shipbuilding and this latest development is expected to further deepen the partnership. 

This joint venture is expected to combine the strengths of both groups in research and development, shipbuilding, and supply chain capabilities to maximize synergies and achieve complementary benefits, commented Yangzijiang.

Executive Chairman and CEO of Yangzijiang, Ren Letian said, "This new joint venture will bring together our strengths in research and development, shipbuilding, and supply chains. By combining our expertise, we’ll advance the latest shipbuilding technologies, enhance efficiency, and achieve great results together. "

Headquartered in Zhejiang Province, China, Tsuneishi Zhoushan Shipbuilding is fully equipped with two shipbuilding berths and one building dock. The shipyard has versatile shipbuilding capabilities with a focus on 30,000 to 100,000ton-class bulk carriers while also building container carriers, product tankers, and tug boats.