Rizhao-based Shandong Huahai Shipbuilding has been announced bankrupt by Rizhao Intermediate People’s Court, and will now be liquidated at the request of its creditor Shandong Jintou Energy.
Huahai Shipbuilding was established in 2007 by Shandong Haiyue Import & Export Company, Tianjin Wanbao International Trade Company, Rizhao Shipyard and Singapore’s Raffles Shipping International. The shipyard has been suffering from financial difficulties since 2014. Some assets of the shipyard including ships under construction and ship blocks have now gone into the auction process.
The first creditor meeting will be held on October 29.
Shandong Huahai Shipbuilding is the fourth major shipyard in Shandong to have gone bankrupt since 2014, joining Weihai Samjin Shipbuilding, Rushan Shipbuilding and Rongcheng Shenfei Shipbuilding