Dalian: Dalian Shipbuilding Industry Corporation (DSIC), an affiliate yard of state run shipbuilding conglomerate CSIC, has completed the acquisition of 100% equity shares in bankrupt Dalian Daeyang Shipyard, the subsidiary of Korean shipping company Daeyang Shipping.
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.
DSIC will invest to upgrade the yard and use it to build high-tech vessels and military products.
Another bankrupt Korean invested shipyard in China, Weihai Samjin Shipyard, is currently in the process of restructuring, with the local government trying to save the yard through bringing in new investors.[28/01/15]