Weihai Samjin Shipbuilding officially resumed operations yesterday following the completion of a 16-month restructuring process.
The former Korean-invested shipyard went bankrupt in 2014. New investor Xiaoke Holdings came in and completed a restructuring of the shipyard in December 2015.
According to Xu Caizhong, president of Xiaoke Holdings, Weihai Samjin plans to deliver six vessels in 2016.
Xu was one of the founders of Zhejiang Zhenghe Shipbuilding. He took over Zhoushan-based Zhejiang Zhongchuan Heavy Industry Shipbuilding in 2014 after he left Zhenghe Shipbuilding.
Xu has already moved the construction of two 6,300dwt heavy lift vessels and ten 11,000dwt tankers from Zhejiang Zhongchuan to Weihai Samjin.
