Nantong-based shipyard Huatai Heavy Industry has filed for bankruptcy protection with a local court.
Huatai Heavy has been suffering a financial crisis and hasn’t received any new orders since last year. The workers at the yard commenced a strike last October to protest against unpaid salaries. The yard is also now involved in numerous court cases with creditor banks.
According to VesselsValue, Huatai Heavy currently has two 22,000 dwt product tankers on order from German owner TB Marine and one handy bulker from Interlink.
Sources told Splash that Huatai Heavy has already dismissed all their official employees and outsourced all shipbuilding work.
The court has appointed Nantong Assets and Equity Exchange as the administrator of the shipyard and scheduled the first creditor’s meeting on November 28.