The 70,000 DWT wood chips ship was launched on 10th March 2020, this is the first of the series ordered by NOVA in June 2018. The order was reported then consisting 4 with 4 options. The launching also shows the full recovery of this state- owned shipyard from the virus spread.

 

The ship’s main particulars are LOA 215.4m, breadth 37 M with a bale capacity of 5 million CF, it is good that it has 3 x40 T cranes which would be flexible for breakbulk and equipment shipping.

 

Chengxi Shipyard is a subsidiary of China State Shipbuilding Corporation (CSSC) which is under merging process with China Shipbuilding Heavy Industry Corp(CSIC) after China’s State Council’s approval in July 2019, the new conglomerate is named as CHINA STATE SHIPBUILDING CORP.

 

One of the most complicated mergers include hundreds of transactions within the two groups and listed enterprises. On March 9, CSSC Holding announced that the Holding company and its subsidiary -Chengxi would acquire 49% equity in Guangzhou Shipyard International Yangzhou. As a matter of facts, in July 2017, the 51% equity of Guangzhou Shipyard International Yangzhou was sold to its ultimate parent company CSSC Group at a price of 741.16 million RMB. This time, a further restructure is underway. The remaining 49% equity should be sold by CSSC Offshore & Marine Engineering to CSSC Holding (24%) and Chengxi Shipyard (25%) at a total price of 964 million RMB, which is 35% premium compared with the transaction in 2017.

 

Guangzhou Shipyard International Yangzhou was renamed in 2015 as CSSC acquired a local shipyard, called Yangzhou Kejin Shipbuilding focusing on products tanker, chemical, LPG and marine engineering projects building. 

 

Chenngxi Shipyard will further acquire 12.56% equity from CSSC Guangxi with a consideration of 155 million RMB, Guangxi was set up by CSSC and Beibuwan port in 2014. 

 

There would be more transactions coming out!

 

Source:Simon Young

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