Administrators struggle to sell assets of bankrupt Dongxin Shipbuilding

Administrators struggle to sell assets of bankrupt Dongxin Shipbuilding

The administrator of Nantong Dongxin Shipbuilding will hold a fourth online auction for the assets of the bankrupt shipyard on September 26, after the first three auctions failed due to no bidders.

The starting price for the shipyard’s assets in the auction will be lowered substantially to RMB77.6m ($10.9m) from the original RMB151m ($21.2m).

Separately, the administrator is also trying to sell a ship block of an unfinished 51,000 dwt bulk carrier in the auction at a starting price of RMB21.5m ($3m).

Dongxin Shipbuilding was established in 2008 and mainly builds bulk carriers. A local court in Nantong ruled to liquidate yard in 2015, at the request of a major creditor.

Nantong, a major shipbuilding base in China, has seen a large number of local shipyards going into bankruptcy in the past few years including famous names like Rongsheng Heavy Industries, Mingde Heavy Industry and Sinopacific Shipbuilding.

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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