Judger Shipbuilding files for bankruptcy

Judger Shipbuilding files for bankruptcy

Shanghai: Judger Shipbuilding, a Wenzhou-based private shipyard invested by Zhejiang Judger Group, has officially filed for bankruptcy with Wenzhou Intermediate People’s Court.

The shipyard has been suffering from financial difficulties since 2012. Wenzhou local government also attempted to save yards by offering some financial support.

Judger Shipbuilding has managed to sell two 82,000 dwt bulkers abandoned by Hong Kong owner Parakou Shipping in 2013 and 2014. However, the shipyard was still unable to solve its debt crisis and decided to file for bankruptcy.

The shipyard currently has debt of around RMB1.72bn ($277m) in total. The first creditors’ meeting will be held on May 27.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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