JES boss steps down, hands reins to his daughter

JES boss steps down, hands reins to his daughter

Singapore: Singapore-listed Chinese shipyard JES International has announced a succession plan. Founder Jin Xin has stepped down as chairman and ceo. His daughter, Audrey Jin, has stepped up from deputy ceo to take on the ceo role.

JES also announced that a local Chinese bank has extended new banking facilities to its wholly-owned subsidiary, Jiangsu New Eastern Marine Equipment. The yard has an orderbook in excess of $1bn and is on Beijing’s approved white list of yards that will have easier access to financing. Nevertheless, other parts of the group have run into difficulty.

Twelve days ago JES announced that its subsidiary, debt-laden Jiangsu Eastern Heavy Industries, had filed an application to a local court to enter a restructuring.

Audrey Jin, the new ceo, said: “The restructuring of the group’s subsidiaries in China requires close supervision. Mr Jin Xin has stepped down as chairman and ceo to devote more time to ensure the successful restructuring of the affected subsidiaries and operations in China”.

China’s largest private shipyards are in the midst of dramatic restructuring with Rongsheng announcing today it was offloading its shipbuilding business to a compatriot, thought to be Yangzijiang Shipbuilding.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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