A court in Taizhou has ruled to freeze part of the shipyard assets of Taizhou Kouan Shipbuilding at the request of creditors.
According to a notice issued by Taizhou Gaogang District Court, the court has approved a request by Taizhou Port Core Area Investment Company to freeze RMB90m ($12.6m) worth of Taizhou Kouan assets including shipyard facilities and bank savings due to a debt dispute.
The bank savings will be frozen for a year while shipyard facilities will be frozen for three years.
VesselsValue data shows Taizhou Kouan currently has an orderbook of 15 ships made up of 11 bulk carriers and four chemical tankers. 13 ships are scheduled for delivery this year and another two are scheduled for next year.