(Yicai Global) Dec. 18 -- Jianglong Shipbuilding Co. [SHE:300589] plans to build ten 35-meter aluminum alloy coastguard vessels for Nigeria's Ocean Marine Solutions Ltd., which works with the local navy, in a USD26-million deal.
The pair penned an agreement on Dec. 15, the Chinese firm said in a statement the same day. The shipbuilder, which makes boats for tourism and law enforcement, will deliver all of the new vessels by July 31, 2019, which means the contract will have the biggest impact on its financial reports during the first three quarters of that year, the company added.
Business between China and Africa has been on the rise since the Asian country began its One Belt, One Road initiative. Often compared with the ancient Silk Road, the Belt and Road strategy was proposed by Chinese President Xi Jinping in 2013. It is a grand 30- to 40-year plan for a vast infrastructure and trade route boasting a major network of railroads, highways, ports and pipelines embracing the continents of Asia, Europe and Africa.
Ocean Marine Solutions is a Nigerian maritime security services and solutions provider. It covers the entire West African coast, Jianglong Shipbuilding said.