Greater China

DSIC acquires Dalian Daeyang Shipyard

Dalian: CSIC-affiliated Dalian Shipbuilding Industry Corporation (DSIC) has confirmed it will acquire Dalian Daeyang Shipyard, the subsidiary of Korean shipping company Daeyang Shipping.

Dalian Daeyang Shipyard started operations in May, 2009, and it mainly offers ship repair and conversion services. The shipyard has been suffering from financial difficulties and debt issues since 2011.

DSIC will take over both the shipyard’s facility and all the Chinese staff in the shipyard. DSIC plans to use the shipyard to build LNG ships and military products.

No further details of the deal have been revealed.

Up to now, all the three Korean invested shipyards in Dalian have failed, following the bankruptcy of STX Dalian and Dalian Oriental Precision & Engineering. DSIC has been linked in the past to taking over STX Dalian. [09/09/14]

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