Tongzhou District 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.

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.