China’s Ping Tai Rong Ocean Fishery Group has acquired the assets of bankrupt Zhoushan Yingzhou Shipyard in a court-led auction for a price of RMB96m ($15m).
Yingzhou Shipyard started production in 2010 and mainly built smaller cargo ships, chemical tankers, engineering vessels and fishing vessels. The shipyard suspended operations in 2013 due to financial difficulties and officially went bankrupt in 2016 leaving debts over RMB400m.
In the past few years, a number of shipyards from Zhoushan, a major shipbuilding base in China, have gone bankrupt including major yards Zhejiang Zhenghe Shipbuilding and Zhejiang Wuzhou Shipbuilding.
This month, another Zhoushan yard Zhejiang Ouhua Shipbuilding filed for bankruptcy with a local court.