Greater ChinaShipyards

Titan Quanzhou Shipyard sold at auction

The entire assets of Titan Quanzhou Shipyard have been sold in an online auction one year after the shipyard entered into a liquidation process.

The shipyard assets were first listed for auction in November but the auction failed with no bidders.

In the second round of the auction, the assets were sold for RMB1.2bn ($185m), 76.9% higher than the listing price of RMB682m, which is rarely seen in shipyard distress asset auctions in China. The buyer’s identity was not disclosed.

Financially troubled Titan Petrochemical has been disposing its assets in recent years. A Fujian court ruled to wind up Titan Quanzhou Shipyard in December 2019 at the request of a creditor. 

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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