Nantong Mingde Heavy Industry News

Nantong’s Tongzhou District People’s Court has put an end to the restructuring appeal by debt-ridden Nantong Mingde Heavy Industry, and officially declared it bankrupt. A  a request by Mingde to extend the submission of its restructuring plan, after it lapsed on 25 June, was not successful. Hence, Mingde itself applied for bankruptcy. Mingde was a leading shipyard for chemical tankers. Due to its financial difficulties Mingde was unable to receive bank guarantees, and had to team up with Shenzhen-listed  Sainty Marine on new orders. Sainty Marine had applied to help restructure Mingde via a debt-for-equity rescue deal. But the rescue plan failed to make any progress as Sainty Marine is itself mired in financial troubles.

The chairman of Shenzhen-listed Sainty Marine, Wang Shuhua has delivered his resignation amid  the company's deteriorating financial situation, according to an exchange filing. According to a statement by Marine he  resigned for personal reasons. He previously worked as the administrative manager of state-owned Jiangsu Jiangsu Guoxin. The company’s board of directors subsequently elected Zhang Shunfu as the successor to Wang. The 53-year-old Zhang previously held senior positions at Jiangsu-based financial institutions. Sainty Marine is currently in the middle of a financial crisis, and it has been thrown out from the restructuring of Nantong Mingde Heavy Industry due to its own poor financial situation.

Nantong Mingde Heavy Industry (NMHI), a subsidiary of the financially troubled shipbuilder Jiangsu Sainty Marine Corporation, has missed the June 26 deadline to submit its restructuring plan to the Nantong People’s court. In other words, Sainty Marine has aborted its plan to help the restructuring of debt-ridden compatriot Nantong Mingde Heavy Industry. The court accepted Nantong’s application for the bankruptcy reorganization on December 26, 2014. NMHI has entered into court receivership since Sainty Marine applied for the bankruptcy restructuring. China’s bankruptcy law stipulates that administrators or debtors must submit a draft reorganization plan within six months of the court’s acceptance of the restructuring plan.

Mingde Heavy Industry has launched what it says is the biggest stainless steel inner-hulled chemical tanker ever built in Asia. The length of this vessel is 183m, 28.4m in breadth and 15.2m in depth, and a loaded draft of 10m. The vessel is powered by a low speed diesel engine driving a single propeller for unrestricted navigation, with a dead weight tonnage of 30,000T. This tanker can carry 28 parcels of chemicals, and all of its inner hull for cargo is 2205 duplex stainless steel.

China's Nantong Mingde Heavy Industry Co. reports car-carrier completes latest phase sea trials, but more work to be done. Car carrying vessel (MD087) built for the Gram Car Carrier company returns to the shipyard's COSCO steel structure dock having completed a 55-hour sea trial. The builders say that the ship's quality satisfied the ship owners and the classification society but that there remained one eighth of 150 requirements to be made good, which they say demonstrates they have reached a new breakthrough in building quality.

Two Pure Car/Truck Carriers (PCTC) for GCC named at the Nantong Mingde Shipyard. At the christening ceremony of the two vessels at the Nantong Mingde Heavy Industry shipyard, godmothers , Ms. Agnes Blystad from Norway and Mrs Shishido a director of MOL, Japan named the RoRo's Viking Ocean and Viking Sea respectively. Mr Ji Fenghua, the Board chairman of Mingde , Mr Shinobu Shishido ,the Board chairman of Japanese MOL, Mr Yao Bole, the Chairman DNV, Mainland China, were among the many notables present at the ceremony.

Deltamarin has signed an agreement with Tianjin Xingang Shipbuilding Heavy Industry Co., Ltd., part of CSIC Group for the design of four very low fuel consumption Handysize Bulk Carriers to be built for M.T. Maritime Management Group / Strategic Shipping Inc. Deltamarin will take care of the Basic and Detail designs of the vessels as well as of Technical Procurement handling. Deltamarin will also have a site team to take the design to production. This is the second order for the B.Delta37 standard bulk carriers, which have evoked the interest of the market with their improved deadweight, cubic capacity and especially the extremely low fuel consumption compared to other available designs. The overall vessel length will be below 180 x 30m, with a service speed at design draft of 14 knots.

Deltamarin has signed an agreement with Nantong Mingde Heavy Industry about the design of totally seven new Equinox Class Self Unloading and Gearless Bulk Carriers to be built for Algoma Central Corporation and the Canadian Wheat Board. Deltamarin will take care of the Basic and Detail design of the vessels as well as Procurement support. The vessels are derivatives of Deltamarin’s B.delta standard bulker designs, which have piqued the interest of the market with their improved cubic capacity and lower fuel consumption compared to competing designs.

Deltamarin signed an agreement with the Chinese Tianjin Xingang Shipbuilding Heavy Industry Co., Ltd. (http://shiprepair-xgsy.com) for the design of fourHandymax Bulk Carriers to be built for the French shipowners Louis Dreyfus Armateurs. Deltamarin will take care of the Basic and Detail design of the vessels as well as Technical Procurement handling and will also have a site team to take the design to production. This is the first order for the B.delta37 standard bulk carriers, which have evoked the interest of the market with their improved cubic capacity and especially the extremely low fuel consumption compared to other available designs. The overall vessel length will be below 180 m and the beam 30 m. The service speed at design draft is 14 knots.