Greater ChinaOffshore

Hangtong Shipbuilding partners with SinoOcean for offshore asset disposal

Chinese offshore yard Hangtong Shipbuilding has inked an agreement with SinoOcean for the management of its idle offshore assets.

The yard said the agreement is in line with the central government’s plan to dispose of idle offshore assets at domestic yards over the next three years and will promote the transformation of the yard.

In the meantime, Hangtong also signed a bareboat charter deal, arranged by SinoOcean, with Saudi Arabian offshore vessel operator Makamin Offshore for the yard’s offshore vessels. The details of the deal were not disclosed.

SinoOcean was set up last year by China Chengtong, CNOOC, CSSC, CSIC, Cosco Shipping Heavy Industry, China Merchants Offshore and China Communications Construction Company under the arrangement of the central government. The group aims to consolidate around $30bn worth of idle offshore assets at state-run companies through resale and chartering deals.

SinoOcean has arranged a series of sale and charter deals for the idle offshore assets at domestic yards this year.

According to VesselsValue data, Hangtong Shipbuilding currently has 30 OSVs on its orderbook.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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