Unfinished STX Dalian valemax sells for just $16.8m

Unfinished STX Dalian valemax sells for just $16.8m

Bankrupt shipyard STX Dalian is still making efforts to sell its assets in order to repay debts. It has sold an unfinished 400,000 dwt bulker – S1707 – for RMB110m ($16.8m) through an auction at the end of February following several auction failures in the past year.

Along with the bulker, some raw material and ship components have also been sold at the auction for RMB710,000 ($109,000). The rest of the assets remain unsold.

Dalian Intermediate People’s Court held three rounds of auctions for the assets of STX Dalian and its six subsidiaries in 2015, all of them failed.

A source at STX Dalian told Splash that the shipyard is still working on severance packages with the employees and counting debts from smaller creditors.

STX Dalian has debts of more than RMB24bn ($3.8bn) in total, with around 740 creditors and salary arrears of RMB480m ($76.6m) to 5,426 employees.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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