Greater ChinaShipyards

Administrators list Zhejiang Ouhua Shipbuilding assets for auction

The administrators of bankrupt Chinese yard Zhejiang Ouhua Shipbuilding have listed the yard’s assets for sale via online auction scheduled for July 29.

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

The yard owns one 80,000dwt dock, one 30,000 dwt dock and charters one 100,000 dwt dock, and has a shipbuilding capacity of 1m dwt at peak times.

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

Ouhua Shipbuilding was declared bankrupt by a Zhoushan court in July last year, and it failed to find new investors to restructure the yard.

Chinese private shipyards have been struggling to survive the past few years. According to a report by Clarkson, the number of Chinese independent yards has deceased sharply from 305 to less than 50 since the start of 2009.

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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