Administrators list bankrupt Chinese yard Zhejiang Ouhua Shipbuilding assets for auction

Administrators list Zhejiang Ouhua Shipbuilding assets for auction
Jason Jiang July 1st, 2019 https://splash247.com/administrators-list-zhejiang-ouhua-shipbuilding-as...

The administrators of bankrupt Chinese yard Zhejiang Ouhua Shipbuilding have listed the yard’s assets for sale via online auction scheduled for July 29.

The assets to be auctioned include the shipyard’s entire land properties, shipbuilding equipment, inventories, as well as eight unfinished vessels.

The yard owns one 80,000dwt dock, one 30,000 dwt dock and charters one 100,000 dwt dock, and has a shipbuilding capacity of 1m dwt at peak times.

The starting price for the assets in the auction are RMB1.19bn ($173m).

Ouhua Shipbuilding was declared bankrupt by a Zhoushan court in July last year, and it failed to find new investors to restructure the yard.

Chinese private shipyards have been struggling to survive the past few years. According to a report by Clarkson, the number of Chinese independent yards has deceased sharply from 305 to less than 50 since the start of 2009.