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Nantong Dongxin shipyard holds creditors’ meeting to liquidate assets

PostTime:2015-10-20 08:53:07 View:151

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.

Bankrupt Nantong Mingde seeks new investors

PostTime:2015-07-14 08:08:28 View:183

Bankrupt Nantong Mingde Heavy Industry has announced that it is seeking new investors after its former potential investor Sainty Marine failed to make the mark to help with its restructuring. Chinese shipbuilder Mingde said last Friday that it has requested to a local court to extend the submission of the restructuring plan’s time limit, which lapsed on 25 June. Mingde’s long time business partner Sainty Marine had originally wanted to help Mingde via a debt-for-equity rescue deal, but Sainty Marine itself has been troubled by a host of financial problems, leading to a mutual agreement to terminate the rescue plan. Among the several prerequisites, the new investors for Mingde would need to put down a guarantee of RMB100m ($16m). The receiver of Mingde has set a timeline of up until 30 July 2015 to receive interests from investors. As at 31 December 2014, Mingde made a loss of RMB470.45m. The company saw Sainty Marine applied to help with its restructuring back in December last year. Sainty Marine is Mingde’s biggest creditor and the two shipyards had been collaborating over newbuilding contracts so as to utilise yard capacity and lower production costs.

Sainty Marine aborts plan to help restructure Nantong Mingde

PostTime:2015-07-10 08:34:02 View:294

The botched deal came as Mingde has repeatedly failed to submit its restructuring plan, and Sainty Marine itself did not have the ability to help Mingde. Shenzhen-listed Sainty Marine, which is troubled by debts and lawsuits, confirmed on Thursday that it has decided to pull out from the planned debt-for-equity rescue deal for Mingde. “The management of Mingde believed that in view of Sainty Marine’s cashflow problems, it is unable to channel any more resources to support the restructuring process,” Sainty Marine said in a statement to the stock exchange. “In view of Mingde’s rather large-scale of operations and after a discussion with Mingde’s management, Sainty Marine has decided to stop its involvement in the restructuring of Mingde,” the statement said. Back in December 2014, the local Chinese court had accepted Sainty Marine’s application to help restructure Mingde, and the latter would need to submit a restructuring plan within six months. Sainty Marine has earlier warned that the debt-for-equity deal is expected to fall through as it faces a host of troubles – assets and accounts frozen by banks, contract cancellations, delays to newbuilding deliveries, lawsuits, and departure of senior officials. Sainty Marine is Mingde’s biggest creditor and the two shipyards have been collaborating over newbuilding contracts so as to utilise yard capacity and lower costs.

Jiangsu’s Nantong shipyards increase production value in 2014

PostTime:2015-01-20 08:53:37 View:232

Nantong shipbuilders in China’s Jiangsu province have increased their newbuilding production value in 2014, according to figures from local authorities. Last year, Nantong shipbuilding enterprises generated a combined RMB165bn ($26.6m) in newbuilding production, a jump of 14% compared to the previous corresponding period. As at the end of 2014, Nantong was home to more than 400 shipyards, equipment suppliers and offshore marine companies. Five leading enterprises saw their 2014 revenue in excess of RMB5bn, while the second-tier 12 enterprises recorded a combined revenue in excess of RMB1bn, government figures showed. Nantong shipbuilders accounted for around 15% of China’s shipbuilding market share, while the offshore marine sector took up one-third of the country’s share. Jiangsu is China’s largest shipbuilding province, with the shipbuilders typically completing around 23-25m dwt of newbuilding capacity annually. Some of China’s leading state-owned corporations such as China Cosco, China Merchants Heavy Industry and Zhenhua Heavy Industries have operations in Jiangsu’s Nantong city. But amid the ongoing slump in the shipbuilding sector, the provincial government has set a target to reduce 10m dwt of yard capacity over the 2013-2017 five-year period. The prestigious China ‘white list’ of shipyards saw 14 Jiangsu shipbuilders on the list. But among them, debt-ridden Nantong Mingde Heavy Industry will be acquired by compatriot Sainty Marine via a debt-to-equity rescue deal. Elsewhere in China’s south central Guangxi province, shipbuilders have also recorded higher value in production last year. Government figures showed Guangxi shipyards recorded new tonnage production value of approximately RMB320m, representing around 32% increase year-on-year. Guangxi shipbuilders have a combined yard production capacity of 350,000 dwt each year, churning out on average 100 containerships and bulk carriers. The higher production from Guangxi shipyards was attributed to the booming Zhujiang-Xijiang economic belt, which covers the areas of South China’s Guangdong province and Guangxi Zhuang Autonomous Region. Meanwhile, China’s ministry of industry and information technology announced that Chinese shipbuilders have recorded a drop in new orders received for 2014. Chinese shipyards last year brought in 59.95m dwt of new contracts in tonnage terms, down 14.2% compared to the previous year figure of 69.84m dwt. Up until 31 December 2014, Chinese yards sat on an order backlog of 148.9m dwt, a decline of 13.7% year-on-year.

Port Equipment Manufacturers Association signs China's ZPMC and Nantong

PostTime:2015-01-19 08:57:29 View:263

LONDON's Port Equipment Manufacturers Association (PEMA) has added four new member companies: ZPMC, Nantong Rainbow Heavy Machineries, Spohn + Burkhardt and INTERCON Technical Information Systems. Shanghai's ZPMC is the world's largest supplier of container cranes and other heavy-duty equipment. The Chinese state holding company has eight production bases across the country, and owns a fleet of 26 heavylift ships to deliver its products around the world.  Nantong Rainbow Heavy Machineries (RHM) also supplies heavy-duty cranes and other machines on a global basis to the ports, mining, shipbuilding, manufacturing and offshore industries, among others, Mynewsdesk online reports.  In the ports sector, RHM supplies both container and bulk handling equipment. RHM is based in Nantong, China, where it operates manufacturing and research facilities. German company Spohn + Burkhardt produces a broad spectrum of control systems and stations for transport, construction and handling equipment, including container cranes and ships.  Based in Abu Dhabi, UAE, INTERCON Technical Information Systems (TIS) provides drive and motion control systems for cranes, including low and high voltage electrical designs and diesel generator sets as well as automation and process control solutions, consultancy and project management services. The company serves the Middle East and Africa. "We are delighted to welcome two major Chinese crane manufacturers and two experts in equipment control technology as our latest members," said Ottonel Popesco, President of PEMA.  "With nearly 80-member companies today, PEMA is the trusted industry body representing all facets of port equipment and technology on a global scale."  

Sainty Marine to apply debt-to-equity rescue deal for bankrupt Nantong Mingde

PostTime:2014-12-30 08:20:12 View:316

Debt-ridden Nantong Mingde Heavy Industry will enter into a restructuring process as ordered by a local court and the shipbuilder is expected to be acquired by compatriot shipbuilder Sainty Marine. Nantong Intermediate People's Court on 26 December ordered Mingde to file for bankruptcy and its biggest debtor Sainty Marine will take control of Mingde via a debt-to-equity rescue deal. Due to the prolonged recession of the global shipbuilding industry, particularly in China, Mingde has been making losses and failed to secure fresh loans from the banks, local reports said. Mingde, lacking cashflow, had been collaborating with Sainty Marine to jointly win newbuilding orders, eventually leaving the former in the debt of the latter over the years. Mingde is one of China's 59 'white list' shipyards, which are expected to enjoy financial support from the local banks and gain recognition as reputable shipbuilders. Sainty Marine also made it to the 'white list'. Sainty Marine recently announced to the stock exchange that it has cancelled four newbuildings with Corbita Maritime Investment as the shipowner could not make payments. The botched deal is expected to result in a potential loss of RMB37m ($5.9m) in 2014 for the Shenzhen-listed yard. At present, Mingde continues its daily operations as the yard holds an order for 14 stainless steel chemical tankers due for deliveries between 2016 to 2017.

Nantong Rainbow bags order to build five salt carriers

PostTime:2014-12-02 08:11:23 View:287

China’s Nantong Rainbow Offshore & Engineering has won a deal to build five shallow-draft salt carriers for Mexico’s Exportadora de Sal SA (Essa). The five 15,500 dwt self-unloading salt carriers will be delivered in phases starting from the first half of 2016. Designed by Shanghai Tian Yi Ship Engineering Company, the newbuildings will replace part of Essa’s existing tug and barge fleet for the purpose of transporting salt from its Guerrero Negro production facility to Cedros Island export terminal off the Mexican state of Baja California. The new salt carriers are expected to save Essa up to 30% of operating costs compared to using its older fleet. The newbuildings were contracted by Corretaje Maritimo Sud American through a public tender earlier this year.

China’s Nantong earmarks $6.5m to subsidise shipbuilders

PostTime:2014-07-31 09:42:15 View:286

China’s Nantong city government has announced subsidies worth RMB40m ($6.5m) for the local shipbuilding sector. Nantong, located in one of China’s main shipbuilding provinces Jiangsu, has earmarked the RMB40m to support local shipyards in securing newbuilding orders and in purchasing equipment domestically. Shipbuilders will receive a RMB10,000 subsidy for every 10,000 dwt in capacity of confirmed newbuilding order, local media reported. In addition, shipyards buying marine equipment from the domestic market will receive a 2% rebate each year from the annual purchase amount, with a maximum subsidy of RMB2m a year. In 2013, Nantong government had provided subsidies worth a total of RMB10.27m to 12 shipyards for 21 projects, of which 14 are offshore jobs and seven are shipbuilding contracts.

Jiangsu's Nantong Comprehensive Bonded Zone becomes operational

PostTime:2014-07-01 08:28:58 View:399

THE Nantong Customs has recently entered the Nantong Comprehensive Bonded Zone, the first of its kind in central Jiangsu province, marking the official operation of the Nantong bonded zone, reports Xinhua. The Nantong Comprehensive Bonded Zone is composed of two parks. The 1.5-kilometre Park A is located in the former export processing zone while Park B occupies an area of some four square kilometres, adjacent to a planned container dock with an annual handling capacity of two million TEU.  Park A will focus on commodity exhibitions and Park B mainly provide services including bonded logistics and bonded processing. Once in operation, enterprises in the bonded zone can benefit from a variety of preferential policies such as goods trade, service trade, virtual customs checkpoint, bonded logistics and processing. Moreover, companies can also enjoy more convenient customs clearance and high quality services.

COSCO Nantong delivers heavy lifter

PostTime:2014-03-21 08:13:53 View:302

SINGAPORE – COSCO (Nantong) Shipyard Co. Ltd. has delivered the SapuraKencana 1200 pipelay heavy-lift vessel to its Asian buyer.     The vessel is designed for multiple functions, including oil piping processing, laying, installation, and heavy lifting. Classed by ABS, the vessel is capable of working in shallow water of up to 200 m (656 ft) with a 10-point mooring system. It is also equipped with DP-3 which enables it to carry out heavy-lifting installation of large-scale offshore structures such as platform blocks, modules, and jackets, as well as S-type pipe-laying operations in water depths of up to 1,500 m (4,921 ft).     The SapuraKencana 1200 measures 153.6 m (504 ft) in length, 35 m (115 ft) in breadth, and 16.8 m (55 ft) in depth, with a design draft of 7.5 m (25 ft) and a lifting capacity of 1,300 metric tons (1,432 tons).

Nantong customs notes return of poor quality exports up 31pc in 2013

PostTime:2014-01-28 10:38:11 View:388

NANTONG inspection and quarantine authorities noted a 31 per cent year-on-year increase of returned poor quality exports in 2013. Value of these returned goods also grew 13.64 per cent to US$9.62 million, which include textile, garments, electrical and mechanical products, food, animals and plants, said Xinhua. Thirty-seven batches of returned exports were from emerging markets, 42.31 per cent more than in 2013. Their value soared 203.53 per cent to $4.11 million. These goods, mostly electrical and mechanical products, chemicals, minerals, textiles and food, were returned for their poor quality. Twenty consignments were returned from south east Asia, five were from Central and South America, 12 were from Middle East. Middle East returned goods were returned at three times the rate in 2012 and the value increased 340 per cent to $1.6 million. During recent years, exporters have been actively expanding their business to the emerging markets as traditional ones like Europe and US are suffer shrinkage.  Exporters sold their poor-quality products at low prices to these markets. This has resulted in a surge of returns. The customs reminds these exporters, selling ill-quality products. Hence the causes of returned of goods and claims for compensation do not only harm China's profits, but its reputation, said Xinhua.  

Jiangsu's Nantong port cargo volume hit 200 million tonnes in 2013

PostTime:2014-01-10 08:36:30 View:329

PORT of Nantong, in eastern China's Jiangsu province, recorded a total cargo volume of 200 million tonnes in 2013 after surpassing 100 million tonnes in 2006 for the first time, reports Xinhua.  With a designed annual cargo handling capacity of 130 million tonnes, the port now has a total of 268 berths, including 182 production berths and 86 outfitting berths. At present, it operates lines to more than 300 ports in over 100 countries and regions worldwide, with maximum 200,000-tonne capacity terminal.