Yangzijiang Shipbuilding has signed a strategic agreement with Taiwanese shipbuilder CSBC to expand cooperation in shipbuilding projects.

Under the agreement, the two shipyards have agreed to complement each other’s shipbuilding capacity. The parties will also jointly purchase equipment and bid for shipbuilding projects in order to reduce cost.

Yangzijiang will start building some ship blocks for CSBC’s 14,000 teu containerships.

CSBC currently has orders for 30 ships on hand which will keep the shipyard busy until the third quarter of 2017.

It was reported that CSBC was looking to establish a joint venture shipyards in Mainland China as part of its long term growth plan. Wang Haitao, executive vice president of CSBC, said the yard had already started negotiations with some private yards in China.