Yangzijiang Turns Shipbreaker:

Ren Yuan-lin, head of China's New Yangzijiang Shipbuilding, says that it will enter into the offshore plant, ship repair, ship-equipment, ship-scrapping and metal-product logistics businesses as it has began to roll out its diversified management strategies.  

The shipbuilder formed 'Jiang Su Hua Yuan Jin Shu Jia Gong' in 2009 by investing about $9.13m, which will be in full operation from the first half of 2011 to be responsible for scrapping ships and handling steel wastes.  

Besides, another joint venture, Jiangsu Xinfu Shipbuilding, where the shipbuilder put about $1.4m to take over in cooperation with another partner, is also turning to a shipbuilding & shiprepair yard with its full operation starting in the first half of 2011.

Source: http://www.eshiptrading.com/InfoContent-41743-3.html