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CIMC Enric wins auction for bankrupt Fengshun Shipyard assets

Photo: Fengshan Ship Heavy Industry Fengshun ship heavy industry.jpg
CIMC Enric Holdings Limited announced that its subsidiary, Nantong CIMC Sinopacific Offshore & Engineering, has acquired the assets of bankrupt Qidong Fengshun Ship Heavy Industry in an online auction.

Qidong Fengshun Ship Heavy Industrys assets were publicly auctioned on Alibaba Auction platform. The group participated in the third round of auction and won with a bid of CNY529m ($81.7m) for the assets.

The acquisition secures CIMC Enric resources of shipyards and shoreline terminals to expand its offshore clean energy business.

The targeted assets mainly include one 70,000 tonne dock, two 50,000 tonne berths, one 70,000 tonne outfitting terminal and three production lines, having annual production capacity of 2.5m dwt.

The asset acquisition has laid a solid foundation for the group to enhance its overall construction and delivery capabilities of building liquefied gas carriers, LNG bunkering vessels, LNG powered ships, LNG fuel tanks, and offshore wind power equipment, said CIMC Enric.

Yang Xiaohu, general manager of CIMC Enric, said: Fengshun ship assets include some better production facilities and a superior geographical location in the Yangtze River Economic Belt. The acquisition is a significant movement for the group to grasp the future development opportunities in the offshore clean energy industry chain in China.

Upon completion of the acquisition, CIMC Enric will push production line automation transformation, promote the upgrading of intelligent manufacturing, building it to be an industrial base for CIMC Enric's offshore clean energy equipment manufacturing.


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