Dalian Shipbuilding Industry Corporation (DSIC), an affiliate shipyard of China’s state run shipbuilding conglomerate China Shipbuilding Industry Corporation (CSIC), has announced that it will integrate the asset of Dalian Daeyang Shipyard into DSIC and dissolve the latter.
DSIC completed the acquisition of 100% equity shares in bankrupt Dalian Daeyang Shipyard, the subsidiary of Korean shipping company Daeyang Shipping in January this year.
Dalian Daeyang Shipyard started operations in May 2009, and mainly offers ship repair and conversion services. The shipyard has been suffering from financial difficulties and debt issues since 2011. The yard has one 300,000 ton dry dock and one 100,000 ton dry dock.
DSIC said it will invest to upgrade Daeyang Shipyard and use it to build high-tech vessels including LNG carriers and military products.