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Sinopacific Shipbuilding settles with Shanghai employees

Financially troubled Sinopacific Shipbuilding has signed settlement agreements with its Shanghai employees, under the mediation of a local labour arbitration court.

Sinopacific it is getting rid of its entire Shanghai operations in order to cut costs.

According to an employee from Sinopacific, the company will pay salaries in default before April 20 and pay compensation before August 30.

Sinopacific’s Dayang Shipbuilding has already agreed to bring in a new investor, SUMEC Group, a machinery manufacturer in Jiangsu for restructuring, under the government’s coordination.

The shipyard also plans to lay off 600 employees. Jiang Qiang, ceo of Sinopacific Shipbuilding, has also resigned from the company.

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.
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