China Ship Repair Yard Winding Up

Press Release
Thursday, May 09, 2013

COSCO (Lianyungang) shareholders pass a resolution to dissolve the company.

The company is principally engaged in ship repair work, and the decision ot dissolve it was made in light of the landlord of the shipyard in which the operations of COSCO Lianyungang are carried out not agreeing to renew the lease, and losses that have been suffered by COSCO Lianyungang due to the slumping ship repair market.

The resolution to dissolve COSCO Lianyungang requires the internal approval of the respective shareholders of COSCO Lianyungang before being effective. An announcement will be made when the resolution becomes effective.

Based on information currently available, the dissolution of COSCO Lianyungang is expected to result in a one-off charge of approximately SGD 10 million to the company for the financial year ending 31 December 2013.
 

 

Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ESS Lands Second Contract with Dolphin Drilling

ESS Support Services Worldwide, part of Compass Group, has won a new, three-year contract, worth £10.5 million, to provide hotel and catering services to Dolphin Drilling Ltd.

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

Greek Warship Evacuates Libya Personnel

Greece safely evacuated embassy staff and more than one hundred Chinese and European nationals from Libya early on Friday with a navy frigate sailing back to the Greek port of Piraeus,

Ship Repair & Conversion

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

Refurbished Seajacks Vessels Leave Shipdock Amsterdam

Seajacks Leviathan and Seajacks Kraken are prepared for their coming assignments, following a series of repair and renewal jobs by Shipdock Amsterdam. The shipyard,

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

Finance

1H 2014 Profits of Port of Tallinn Up 16%

Port of Tallinn earned an unaudited half-year net profit of 20.2 million euros with company’s turnover reaching 59 million euros. Compared to last year the turnover

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

Matson Reports Solid Q2 2014 Results, Dividend Increased

Leading U.S. carrier in the PacificMatson, Inc. reported net income of $18.1 million or $0.42 per diluted share for the quarter ended June 30, 2014, compared with $20.

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1753 sec (6 req/sec)