Jiangzhou Union, Auerbach Schifffahrt Sign Cooperation Deal

zoom Jiangzhou Union Shipbuilding, an indirect wholly-owned subsidiary of the China Ocean Shipbuilding Industry Group, entered on December 17 into a strategic cooperation agreement with Auerbach Schifffahrt and Xiamen ITG Shipbuilding to jointly develop and construct multi-purpose vessels in China. According to the agreement, Auerbach Schifffahrt, a German multi-purpose vessel owner and operator, will provide the parties with market information in relation to multi-purpose vessels in a timely manner, while Jiangzhou Union will assist Auerbach Schifffahrt in the design and optimisation of design of multi-purpose vessels. Auerbach Schifffahrt will first consider Jiangzhou Union when placing orders for multipurpose vessels, and Jiangzhou Union will give priority in handling such orders from Auerbach Schifffahrt. Xiamen ITG, with its primary focus in trading of vessels, the provision of financing support to shipyards and shipbuilding project management, will provide financing support to Jiangzhou Union, and assist Jiangzhou Union on project management of the construction of multi-purpose vessels. The agreement is valid for three years starting from December 17, 2014.