The administrators of bankrupt Zhejiang Ouhua Shipbuilding has managed to sell the entire assets of the shipyard during a second round auction.
The assets were sold for a discounted price of CNY958 million (US$135.7 million), after the first auction with a starting price of CNY1.19 billion ($173 million) failed at the end of July.
The assets sold include the shipyard's land properties, shipbuilding equipment, inventories, as well as eight unfinished container ships with capacity ranging from 1,700 TEU to 5,300 TEU.
The buyer's name was not disclosed in the auction. But Singapore's Splash247 understands that the buyer is Zhoushan Changhong International Shipyard, which is located only 40km away from Ouhua's shipyard.
Started off as a ship repair yard, Zhoushan Changhong has developed into a shipbuilding yard with a diversified shipbuilding portfolio in recent years. Currently the shipyard has six 2,700 TEU boxships, six 1,800 TEU boxships and two ultramax bulkers on its orderbook.
Last year, China International Marine Containers (CIMC) made a major investment into Zhoushan Changhong as part of an agreement to collaborate on shipbuilding business.
Source:HKSG GROUP
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