China Ocean Industry finds a buyer for two unfinished vessels

China Ocean Industry finds a buyer for two unfinished vessels

China Ocean Industry has announced that it has reached a preliminary agreement with an unnamed buyer for two of six unfinished vessels at its subsidiary yard, Jiangzhou Union Shipbuilding.

The six vessels were terminated by two German owners as the shipyard couldn’t deliver them according to contract terms. This month, China Ocean Industry lost an arbitration case regarding the contracts for four of the six vessels.

China Ocean Industry expects to sign the official sale and purchase agreement with the buyer in the first quarter.

Additionally, China Ocean Industry has entered into a framework agreement with its joint venture partner, Yangzijiang Shipbuilding, under which Yangzijiang agreed to offer a bid of $8m in an auction for another unfinished vessel at the yard and will not increase its offer if there are higher bids.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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