Cosco Lianyungang News

Jiangsu Province’s Economic and Information Technology Commission reviews Q1 2013 province-wide  shipyard finances. The review of the shipbuilding industry’s performance showed that 44 privately-owned shipbuilders out of 66 failed to win new orders and none of major seven builders could ink a contract, with 30% of large corporations recording a loss, reports China Shipbuilding Industry Co. Shipbuilders’ profit margins in Jiangsu appear to be sharply decreasing from 22% recorded in 2010 and four companies out of thirteen majors reported a loss during the first quarter of this year. Although the province’s newbuilding delivery was up on the same quarter last year…

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…