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 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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