China’s Zhenjiang Shipyard has entered into an agreement with Zhenjiang High-tech Zone Development Group to acquire the assets of bankrupt Jiangsu Shenghua Shipbuilding.
Shenghua entered into a bankruptcy restructuring process in 2016 and the assets of the shipyard were sold to Zhenjiang High-tech Zone Development Group in a court- led auction last year.
Zhenjiang Shipyard plans to use the Shenghua yard to build specialised vessels.
Shenghua Shipbuilding was a joint venture established by Nanjing Shenghua Shipbuilding and Singapore’s Sentek International in 2007. The shipyard mainly built smaller size bulkers, tankers and multipurpose vessels, but suspended operations in 2012.