Zhejiang Shipbuilding seeks new investors

Zhejiang Shipbuilding seeks new investors

Zhejiang Shipbuilding, the bankrupt subsidiary yard of Sinopacific Shipbuilding, has made an announcement it is seeking new investors to finance a restructuring.

The shipyard was declared bankruptcy by a local court in Zhejiang in April this year while Yangzhou Dayang Shipbuilding, another subsidiary yard of Sinopacific Shipbuilding, is also working on a restructuring plan.

Sinopacific Shipbuilding is currently dealing with financial difficulties resulting in the closure of its Shanghai operation earlier this year. In June, the sale of its offshore unit, Sinopacific Offshore & Engineering, was terminated by CMIC Enric, an affiliate company of China International Marine Containers (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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