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Sinopacific Offshore confident of emerging from restructuring

Sinopacific Offshore confident of emerging from restructuring

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Sinopacific Offshore & Engineering, a subsidiary yard of Sinopacific Shipbuilding, is optimistic about the ongoing restructuring process of the shipyard.

Sinopacific Offshore went into liquidation in August 2016 after CIMC Enric, an affiliate company of China International Marine Containers (CIMC), terminated the acquisition of the shipyard in June 2016.

Sinopacific Offshore has been maintaining its shipbuilding operations and is in negotiations with potential investors.

An official at Sinopacific Offshore told Splash that the restructuring of the shipyard has been supported by the local government, shipowners and Jiangsu SUMEC Group, which has guaranteed the newbuilding deliveries of the shipyard during the restructuring period.

Last week, Norwegian owner Ocean Yield took the delivery of the second 36,000 cu m LEG carrier Gaschem Orca from Sinopacific Offshore.

Since the shipyard went into restructuring it has delivered two 27,500 cu m LNG carriers, two 38,000 cu m LNG carriers and a number of offshore modules.

“We are still in talks with potential investors and we are optimistic about the restructuring,” the official said, however, he declined to reveal details of the restructuring and potential investors.

SUMEC Group, a machinery manufacturer in Jiangsu, has been helping Sinopacific Offshore with financing for newbuildings and it was reported that the company was interested in taking over the yard.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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