Greater ChinaShipyards

Sinopacific Offshore resumes operations

Sinopacific Offshore & Engineering resumed full operations yesterday following the approval of the shipyard’s restructuring plan last week.

The shipyard went into a bankruptcy restructuring process in August 2016 and suspended operations after delivering a second 38,000 cu m ethylene gas carrier to Ocean Yield in June.

In July, CIMC Enric entered into a new restructuring investment agreement with the receiver of Sinopacific Offshore to take over the yard for RMB799.8m ($117.58m).

An official from SUMEC Group, a major creditor of  Sinopacific Offshore, told Splash that the shipyard’s primary goal now is to complete existing orders and market the yard for new orders.

Sinopacific Offshore currently has two 22,000 cu m LEG carriers under construction for Odfjell.

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.
Back to top button