Greater ChinaShipyards

Zhong Chuan Heavy Industry declared bankrupt

Photo of Jason Jiang Jason JiangMay 4, 2016
22 Less than a minute

Zhoushan Intermediate People’s Court has declared Zhong Chuan Heavy Industry Shipbuilding bankrupt, along with two affiliate companies Zhong Chuan Heavy Industry Equipment and Zhoushan Xuhua Metal Materials, due to their inability to repay debts.

The receiver is now looking for new investors to restructure the companies, which have total liabilities of about RMB1.7bn ($261m).

Zhong Chuan Heavy Industry Shipbuilding, having started operations in 2008, hasn’t received any new orders since 2014.

Photo of Jason Jiang Jason JiangMay 4, 2016
22 Less than a minute
Photo of Jason Jiang

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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