Chinese Shipyards Bankrupted by Sluggish Demand

China Daily
Thursday, June 28, 2012

Lacking orders, small-sized shipyards in China, face bankruptcy as a result of the sluggish world economy, a glut of vessels and soaring fuel prices

According to 'China Daily' Zhejiang Jingang Shipbuilding Co Ltd, headquartered in the Taizhou city of East China's Zhejiang province, recently filed a bankruptcy petition to the Taizhou Municipal Intermediate People's Court due to its significant loans and lack of new orders.

Most banks regard the export-led shipbuilding industry as "high risk", refusing to underwrite or extend loans to related companies.

The Jingang shipyard is only one among many similar Zhejiang-based shipyards that have suspended business and dismissed employees due to the difficult market conditions.

In June, Ningbo Hengfu Shipping Trade (Group) Co Ltd and Ningbo Beilun Sky Shipbuilding Co Ltd both filed motions to sell off assets.

Industry losses are widespread, as the volume of new orders in 2011 fell 52 percent, according to the China Association of the National Shipbuilding Industry.

New orders totaled 9.45 million deadweight tons, a drop of 47.3 percent from a year earlier. Combined outstanding orders were 134.4 million deadweight tons, down 10.4 percent from the end of 2011.



Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Japan’s First ME-GI Engine Passes Factory Tests

The factory acceptance test (FAT) of the first ME-GI engine in Japan recently took place at the Tamano Works of Mitsui Engineering & Shipbuilding Co., Ltd. (MES),

Damen's Third Ferry for South Korea

All good things come in threes as Damen delivers the third vessel of the year, from the Damen Fast Ferry (DFFe) series to South Korean operators. Having already

Thyssen Taps Anil Group for Sub Bid

Diversified German conglomerate ThyssenKrupp AG has initiated talks to partner Anil Ambani-led ADAG in building up to 12 submarines in a contract expected to be worth Rs50,000 crore ($7.


New Jersey Transportation Chief to Resign

New Jersey Governor Chris Christie on Friday said his transportation commissioner Jamie Fox would step down by the end of the month to return to the private sector after only a year in the position.

Life Ring Found from Cargo Ship Missing off Bahamas

A life ring has been found from the cargo ship El Faro, which went missing on Thursday after sailing through Hurricane Joaquin in the Bahamas, the U.S. Coast Guard said on Twitter on Saturday.

Eletrobras says Compensation for Hydro Plants Could be $330 mln

Brazil's state-run utility Eletrobras said on Friday a report into six hydroelectric plants found the assets had a remaining value of 1.3 billion reais ($332

Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4799 sec (2 req/sec)