State-run enterprise Ningbo Ningshing Group has completed the restructuring of bankrupt Zhoushan Penglai Shipyard and rebranded the yard as Ningshing Shipyard.
Zhoushan Penglai Shipyard went bankrupt last year due to a financial crisis and administrators of the shipyard sold the entire assets to Ningshing Group via an auction for RMB98.6m ($13.9m).
Ningshing Group is multi-sector enterprise with businesses in commodity trading, e-commence, liquid cargo storage, equity investment and shipping. The group operates a shipbroking unit Shanghai Ningshing Marine.
According to the group, Ningshing will focus on the construction of small and medium ship types including bulk carrier, chemical tanker, containerships and fishing ships.