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Waigaoqiao Shipbuilding transfers abandoned newbuilds to leasing arm of CSSC

Waigaoqiao Shipbuilding transfers abandoned newbuilds to leasing arm of CSSC

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Shanghai Waigaoqiao Shipbuilding has announced a plan to transfer 11 offshore newbuildings abandoned by owners to Tianjin Zhongchuan Jianxin Offshore Investment Management, a new financial leasing unit set up by parent China State Shipbuilding Corporation (CSSC).

The total value of the deal is RMB7.48bn ($1.13bn), with an official contract expected to be signed soon.

The 11 newbuildings are made up of four platform supply vessels abandoned by Pacific Radiance and seven jackup rigs, of which two were ordered by ESSM, three were ordered by Prospector Offshore Drilling and the remaining two by CSSC Shipping.

Waigaoqiao Shipbuilding has already entered an arbitration process with both Pacific Radiance and ESSM.

According to CSSC, the move aims to improve Waigaoqiao Shipbuilding’s financial status by minimising the risks of delivering offshore orders for the shipyard.

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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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