Splash understands that Dalian Shipbuilding Industry Corporation (DSIC), a major yard within Chinese shipbuilding conglomerate CSIC, has secretly reached an agreement to take over STX Dalian.
According to sources, DSIC has reached an agreement to take over the shipyard however the deal hasn’t been finalised due to complex debt issues. The asset transfer work is expected to be finished by the end of this year.
When contacted by Splash, an official at DSIC declined to comment on the issue.
STX Dalian officially went into a liquidation process in March 2015 and has total liabilities of RMB35bn ($5.65bn), while the assets of the company are valued at RMB5.8bn ($936m).
Dalian Intermediate People’s Court held three auctions for the entire assets of STX Dalian in 2015, all of them failed due to there being no bidders. Later the receiver of STX Dalian managed to sell two unfinished vessels from the yard.
DSIC acquired another bankrupt Korean-invested shipyard, Dalian Daeyang Shipyard, in 2014 to expand its capacity.
