Shipbuilding Joint Venture to Commence Business Operations

Mitsui E&S Shipbuilding Co., Ltd. ("MES-S"; Head Office: Chuo-ku, Tokyo; President and CEO: Tetsuro Koga), in partnership with Mitsui & Co., Ltd. ("Mitsui"; Head Office: Chiyoda-ku, Tokyo; President and CEO: Tatsuo Yasunaga) and Yangzijiang Shipbuilding (Holdings), Ltd. ("YZJ"; Head Office: Jiangsu Province, China; Chairman: Ren Yuanlin; listed on the Singapore Exchange), has established a shipbuilding joint venture, Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. (Taicang, Jiangsu, China; President: Song Shuming) and has made preparations for commencing business operations. On August 1, the company officially commenced its business operations as a new manufacturing base of new ships.

Since the shipbuilding business has recently been exposed to severe competition, shipyards around the world are required to have the ability to provide customers with higher performance and higher quality products for a better price and in a more timely manner. To respond to these demands in the market, Jiangsu Yangzi-Mitsui Shipbuilding will integrate Mitsui's extensive sales force and YZJ's abundant productivity as well as MES-S's advanced technology to realize an internationally competitive shipbuilding business.

In addition, to respond to the increase in demand for clean energy in China, MES-S will offer products that take the conditions of Chinese ports and rivers into consideration, and will make a contribution in the field of the transportation of energy-related products for China.

MES-S positions Jiangsu Yangzi-Mitsui Shipbuilding as a major base for providing customers with products that have its high technology and high quality. In addition, MES-S will provide comprehensive support for the growth of the company.

Overview of the joint venture