DSIC to drop Daeyang Shipyard name as it completes merger

DSIC, subsidiary of China Shipbuilding Industry Corp (CSIC), will complete the amalgamation and de-registration of Daeyang Shipyard, formerly owned by South Korea’s Daeyang Shipping.

DSIC added that the existing debts of Daeyang Shipping will be transferred to DSIC.

The latest move by DSIC marks the end of the first shipyard in China with 100% foreign equity, when it started operation in May 2009. The yard was focused on ship repairs and conversions. It has two drydocks of 300,000 dwt and 100,000 dwt in capacity.

The Daeyang Shipyard facilities will now be used by DSIC to build higher technology and specialised ships such as LNG carriers and military vessels.