Zhejiang Shipbuilding goes bankrupt

Zhejiang Shipbuilding goes bankrupt

Zhejiang Shipbuilding, a subsidiary yard of Sinopacific Shipbuilding, has been declared bankruptcy by a local court.

Zhejiang Shipbuilding is currently looking for new investors to restructure the yard.

Previously Zhejiang Shipbuilding was a major state-run shipyard, and was acquired and restructured by Sinopacific Shipbuilding in 2003.

Yangzhou Dayang Shipbuilding, another subsidiary yard of Sinopacific Shipbuilding, is also working on a restructuring plan with machinery manufacturer SUMEC Group and box manufacturer CIMC.

Sinopacific Shipbuilding is currently in a financial crisis, and is getting rid of its entire Shanghai operations in order to cut costs.

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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