China Merchants Industry Holdings (CMI) has completed the acquisition of Qingdao Yangfan Shipbuilding. This acquisition expands CMI's shipyard portfolio to seven. Prior to the acquisition by CMI, it was a subsidiary of Qingdao Huatong State-owned Capital Operation.
The Qingdao yard, originally established in 1949, has been rebranded CMI Qingdao Shipyard. The facility is equipped with two drydocks and is known for constructing large bulk carriers and containerships.
CMI's existing shipyards specialize in vehicle carriers, ro-ro ships, chemical tankers, and midsize bulk carriers. The Qingdao yard facilities include a 1,090-metre long outfitting dock.
The large dry dock measures 480 meters × 76 meters, and the small dry dock measures 180 meters × 28 meters."
Qingdao Yangfan filed for bankruptcy in 2016 and underwent restructuring. The acquisition is viewed as a strategic move by CMI to enhance its shipbuilding capacity and diversify its vessel construction capabilities.
China Merchants Group is a large, state-owned conglomerate with diverse business interests, including transportation, finance, and property. Its shipbuilding division, China Merchants Industry Holdings (CMI), is a significant player in the global shipbuilding industry.