The Chinese shipowner Cosco signed an agreement with the Japanese company of naval construction Kawasaki Heavy Industries to built a shipyard in Dalian (China). The agreement establishes that Cosco controls 70 % of the joint venture and that Kawasaki contributes 30 % remaining. In the first phase the investment amounts to approximately 500 million dollars. The target of both companies is that the construction of the new shipyard begins at the end of the present year and it will be operative in 2010. Once the first phase of the project is in progress, its constructive capacity will be 2 million tons and it will increase up to between 2,5 and 3 million tons in a later phase.