Administrators fail to sell Ouhua Shipbuilding asssets in auction

Administrators fail to sell Ouhua Shipbuilding asssets in auction

The administrators of bankrupt Chinese yard Zhejiang Ouhua Shipbuilding have failed to sell the yard’s assets in an online auction closed today.

The assets to be auctioned include the shipyard’s entire land properties, shipbuilding equipment, inventories, as well as eight unfinished vessels.

The starting price for the assets in the auction was RMB1.19bn ($173m).

Splash understands there was only one potential buyer signed up to the auction but the participant didn’t make a bid.

Ouhua Shipbuilding, once a major private yard in China, was declared bankrupt by a Zhoushan court in July last year, and it has so far failed to find new investors to restructure the yard.

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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