Cosco and Kawasaki sign accord on shipyard

Cosco Group, China's premier shipping conglomerate, has signed a deal with Japan's Kawasaki Heavy Industries Ltd to build a shipyard in northeast China, their second such venture in the country, a Cosco executive said yesterday. 

Cosco would control 70% of the facility, which would cost 3.8 billion yuan (US$500mil) in its first phase, and the Japanese heavy machinery maker would hold the remainder.