Another China First: Cruise Ship

Caxin: Plan to Build First Made-in-China Cruise Ship Sails Ahead
One of China's biggest shipbuilders, China State Shipbuilding Corp., launched a joint venture with a top Italian shipyard to build the first-ever luxury cruise liner to be made in China, as the country's plans to enter the global cruise market gains traction.

An agreement signed between CSSC and Fincantieri SpA in Shanghai on July 4 said that the Chinese shipbuilder, through one of its subsidiaries, will own 60 percent of the joint venture that will be based in Hong Kong.

The passenger vessels will be produced by Shanghai Waigaoqiao Shipbuilding Co. Ltd., a shipyard owned by CSSC, according to the agreement. At present, the Chinese conglomerate builds conventional oil tankers, bulk carriers and warships.

Tapping into this new business will not only allow CSSC to serve the growing demand for cruise travel at home, but also support China's goal to become one of the world's leading cruise ship builders in coming years, an employee of CSSC said.

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