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China reinstates JES yard to ‘white list’

China reinstates JES yard to ‘white list’
China’s ministry of industry and information technology has reinstated the ‘white list’ status for Jiangsu New East Marine Equipment Co in a latest statement on 31 December 2014.

Jiangsu New East Marine Equipment, wholly-owned by JES International Holdings, had earlier saw its name being removed from the ‘white list’ in September last year.

The reason for earlier removing Jiangsu New East Marine Equipment from the ‘white list’ was not explained by the ministry, but the company’s sister firm Jiangsu Eastern Heavy Industry was blacklisted by the Supreme People’s Court of China in September for refusing to repay its debt obligations of around RMB15m ($2.4m) from five separate lawsuits filed by equipment suppliers.

Similarly, the reason for putting back Jiangsu New East Marine Equipment to the ‘white list’ was not given by the ministry.

The parent firm JES had defended its subsidiary by saying that the equipment suppliers actually did not fulfill their obligations as they have failed to rectify the equipment defects.

Chinese shipyards that made it to the ‘white list’ are expected to enjoy greater access to financial support from the local banks and be recognised as a better shipbuilder in China.

At present, a total of 60 state-owned and privately-owned Chinese yards are listed. There are about 300 active Chinese shipyards across the country.