New Dayang Shipbuilding, restructured from the bankrupt Yangzhou Dayang Shipbuiling, has been newly established and is now officially in operation.
Yangzhou Dayang Shipbuilding was declared bankrupt and ceased all operations in 2017. Troubles for the shipyard stemmed from a series of financial issues leaving workers unpaid.
Dayang Shipbuilding thas been ransformed from a private shipyard to a state operated enterprise and rebranded to New Dayang Shipbuilding.
The reshuffle of Dayang had been leading by SUMEC, a subsidiary of state-owned China National Machinery Industry Corporation (Sinomach). The new stakeholders in Dayang comprise Jiangsu Meida Assets Management, Jiangsu SUMEC Marine and Yangzhou Yunhe Xincheng Construction. The former two companies are the subsidiaries of Sinomach and the other is a state-owned company of Guangling district, Yangzhou.
“New Dayang Shipbuilding has over 700 staff, the first phase development focus is to achieve profits in three years,” said Jin Yongchuan, chairman of New Dayang Shipbuilding.
Currently, New Dayang Shipbuilding has order for over 20 vessels on hand, with delivery slots scheduled to the end of 2020. These include a contract for eight bulk carrier contract with CATIC International Leasing and a Letter of Intent for 12 bulk carriers newbuildings with China Development Bank Leasing.
Source:seatrade
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