Greater ChinaShipyards

Zhejiang Shipbuilding assets sold in auction

The entire assets of bankrupt Zhejiang Shipbuilding have been sold in one package deal through an online auction arranged by Ningbo Ship Exchange Market today.

Zhejiang Shipbuilding, formerly a subsidiary yard of bankrupt SinoPacific Shipbuiding, went bankrupt in 2016. The shipyard released a restructuring plan after securing new investor Shanghai Yingjun Investment Management Company, a wholly owned subsidiary of China’s real estate conglomerate Evergrand Group.

The assets in the package include buildings, manufacturing equipment and 11 unfinished offshore vessels at the yard.

The assets have been acquired by undisclosed buyers for RMB409m ($58.2m).

All the subsidiaries yards of former Sinopacific Shipbuilding has been sold in the past two years. Dayang Shipbuilding was taken over by SUMEC Group and Sinopacific Offshore was sold to CIMC.

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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