STX Dalian to sell assets

STX Dalian to sell assets

Dalian: Bankrupt STX Dalian is looking to sell its assets after receiving a court ruling to liquidate, as it failed to submit restructuring plans before the given deadline.

An international sales tender for STX Dalian will be held in April. In addition to assets of STX Dalian and six subsidiaries of the group, one incomplete 400,000 dwt VLOC and one 23,500 dwt livestock carrier newbuilding are also on the sales list.

Dalian Shipbuilding Industry Co (DSIC) has been linked again as a potential buyer of the yard. The state-run shipyard had the intention to take over and restructure STX Dalian as one of its relocation options, however, the deal has gone quiet as DSIC couldn’t deal with the huge debts of STX Dalian.

An official from DSIC told Splash he couldn’t make any comment, as he hadn’t heard any information regarding the matter.

DSIC has been told to relocate by the city government due to Dalian’s development needs. It also considered moving its main shipbuilding base to Changxing Island, where STX Dalian is based.

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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