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Nantong Dongxin shipyard holds creditors’ meeting to liquidate assets

Nantong Dongxin shipyard holds creditors’ meeting to liquidate assets
China’s Nantong Dongxin Shipbuilding Heavy has held its first creditors’ meeting on 16 October to liquidate its assets, according to an announcement by the local Nantong court.

Due to a lack of cash flow, the shipbuilder Dongxin had stopped production since end-2013, and applied for a liquidation of its assets from December 2014.

Established in 2008, Dongxin used to be one of the biggest shipyards in Nantong’s northwest Gangzha district. The medium-sized shipyard is owned by Nantong Dongxin Heavy Industry Development Co.

Dongxin built mainly dry bulk carriers of up to 82,000 dwt, and its clients are mostly Chinese shipowners.

The privately-owned shipyard is just one of thousands of Chinese yards that have gone down due to the prolonged slump in the shipbuilding sector.

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