Nanjing Huatai Shipbuilding files for bankruptcy

PostTime:2022-02-25 08:17:35 View:346

The privately-owned Chinese yard, Nanjing Huatai Shipbuilding, has filed for bankruptcy with district courts. Katherine Si | Feb 24, 2022 Local authority Nanjing Municipal Qixia District People’s Court has received Nanjing Huatai Shipbuilding’s petition for bankruptcy and has assigned a law firm to be the administrator. Nanjing Huatai Shipbuilding, established in 2003, was capable of designing and building 10,000 tonnes-class ocean going vessels, as well as ship repair and recycling.  Related: Shipbuilder MV Werften files for bankruptcy The company suffered serious financial issues in 2020 and was unable to repay its debts. The first meeting of creditors is scheduled to be held in May this year. 

Nanjing port's efforts to resume operations pays off with higher volumes

PostTime:2020-04-27 10:14:08 View:559

THE Chinese Port of Nanjing that reopened for business one month ago has been stepping up its efforts to handle greater container volumes as factory production picks up in China. As early as the end of January, Nanjing port transferred tens of thousands of empty containers from the ports of Shanghai and Ningbo to prepare for the immediate export of goods when local enterprises resume work, reported Nanjing's {非本站网址}. "During the epidemic prevention and control period, it is difficult to get empty containers. We transferred 120 thousand empty containers to facilitate Jiangsu export enterprises to export goods at Nanjing port and more than 70 thousand containers have been shipped," said Nanjing Port Production Business Department director Zhang Jinxian. Nanjing port ensured the stable operation of the eight shipping routes with Japan and South Korea. In March, the cargo volume on these two routes rose by 20 per cent year on year. In early February, Nanjing port took the lead in the province to start resumption of work and became one of the ports across the country to resume full-scale operation. It soon regained its leading position along the Yangtze River by increasing its TEU throughput by 190 per cent from the period before the coronavirus pandemic. "We chartered buses to transport workers from other provinces to the port and installed quarantine zones, so that we were able to resume work in the shortest possible time. We maintained steady operation in March," said Nanjing Port Authority deputy CEO Di Feng. Other ports in Jiangsu have also raced against the clock to step up production and maintain operations. The port of Zhenjiang reported a year-on-year increase of 13.4 per cent in its container throughput in March. Container throughput in Lianyungang and Nantong grew by 3.28 per cent and 7.8 per cent, respectively. At present, the province's port operations and container business are showing recovering growth. In March, container throughput increased by 51 per cent compared to the previous month, which is close to the level of the same period last year.       "We are determined to advance towards the annual goals by maintaining a steady growth on the domestic and overseas markets," said Jiangsu Port Group deputy general manager Tang Hongsheng.  

Nanjing Tanker orders two tankers at Wuchang Shipbuilding Industry

PostTime:2019-12-23 08:45:40 View:645

China Merchants Nanjing Tanker inked a contract with Wuchang Shipbuilding Industry for the construction of two 24,000 dwt crude oil tankers. The tanker pair, featured with environment-friendly designs, will be 152.8 meters length, 27 meters beam and 13.7 meters draught. The engine could be converted into dual-fuel propulsion if required. The delivery date of the vessels is in June 2021. Related: Nanjing Tanker orders two plus four newbuilds from GSI The company expects to further optimise its crude oil fleet and improve vessel operation efficiency via the order. Nanjing Tanker is the oil products transportation unit of China Merchants Group, which currently owns a fleet of 59 vessels with a capacity of 2.24m dwt.

NYK gets energy-saving heavy lift vehicles from Nanjing Jinling Shipyard

PostTime:2019-09-02 08:39:49 View:992

NYK Bulk & Projects Carriers Ltd has ordered two new next-generation energy-saving heavy-lift vessels from Nanjing Jinling Shipyard Co, a part of China Merchants Group. The NYK Group said in a statement that it aims to wield its strength as the only shipping company that owns and operates heavy-lift vessels in Japan, and will cater to demand for transporting cargoes such plants, wind-turbine blades and equipment. The two new ships will be equipped with two 400-tonne cranes and be able to lift up to 800 tonnes of heavy cargo. The hold will be 95 metres in length, and the ships will have a coverless hatch to enable navigation with the hatch cover open. The bridge will also be placed at the ship's front to allow for the loading of tall and large cargo without blocking forward visibility during navigation. As an environmental benefit, a significant reduction in fuel consumption has been achieved compared to existing ships of the same type through cooperation with Japanese marine equipment manufacturers. Furthermore, the vessels can help to lower greenhouse gas emissions and meet the Energy Efficiency Design Index (EEDI) phase three requirements that come into effect in 2025.

Nanjing Tanker to resume stock trading

PostTime:2018-12-29 08:33:53 View:1173

Sinotrans-CSC Nanjing Tanker has announced that the company's stock will resume trading on the Shanghai Stock Exchange on 8 January 2019. The opening price of its stock will be RMB4.31 ($0.64) per share. Nanjing Tanker went public on the Shanghai Stock Exchange in 1997. Due to three years of consecutive losses in 2010, 2011 and 2012, the company had to suspend stock trading in May 2013. As part of efforts to return to the stock market, Nanjing Tanker handed over its VLCC business, the major loss of the company, to Sinotrans-CSC and China Merchants Group, and terminated related long-term charter contracts to reduce financial burden. Sinotrans & CSC Nanjing Tanker, an arm of China Merchants Group, is focused on oil transportation business. Its business scope mainly includes international crude oil transportation, international product oil transportation, chemicals transportation, and special liquid transportation.

Nanjing Tanker orders two plus four newbuilds from GSI

PostTime:2018-12-18 08:49:05 View:1121

Sinotrans & CSC Nanjing Tanker orders two 49,700dwt crude oil tankers plus four option at Guangzhou Shipyard International (GSI). The 49,700 dwt tanker pair, is 183 m in length, 32 m beam and 18.3 m in depth meet the requirements of Harmonised Common Structural Rules (HCSR) and TIER III NOx requirements and will be classified by Lloyd’s Register (LR). The vessels are due for delvery in two years. Sinotrans & CSC Nanjing Tanker, an arm of China Merchants Group, is focused on oil transportation business. The company extended its service in 2007 from Yangtze river oil transportation to marine oil transportation. Nanjing Tanker ordered four tankers at GSI in 2015, which were delivered in June this year. Currently, Nanjing Tanker owns and manages over 60 vessels, and some half of its fleet are MR tankers.

MacGregor in jv with CSSC Nanjing Luzhou Machine Co

PostTime:2016-10-12 08:08:32 View:1388

Equipment supplier MacGregor is forming a joint venture in China with China State Shipbuilding Corporation's (CSSC) Nanjing Luzhou Machine Co (LMC). The two companies have signed an agreement to form the joint venture CSSC Luzhou MacGregor Machine subject to regulatory approvals, which expected by year end. The joint venture will be owned 51% by LMC and 49% by MacGregor. Based in Nanjing the joint venture will initial focus on the transfer of Hatlapa air compressor technology and it will exclusive sales rights for the compressors in China. “The planned joint venture will enhance our strategic partnership with the largest Chinese state-owned shipbuilding group, CSSC," says Jane Chen, vice president, head of China, at MacGregor. "MacGregor and CSSC Luzhou have more than 20 years' experience working together and now both parties see it as beneficial to widen this partnership and build a deeper cooperation model for certain business areas.”

Nanjing Tanker posts 37% rise in Q3 profit

PostTime:2015-10-27 08:17:04 View:1303

Nanjing Tanker Corporation (NJTC) has recorded a third quarter net profit of RMB207m ($32.6m), representing an increase of 37% compared to the same period of last year, riding on the rebound in the tanker shipping market. During the third quarter, NJTC managed to reap savings from bunker consumption and lower operating costs, contributing to the earnings, according to a website announcement by its parent Sinotrans & CSC Group. NJTC added that it continues to build on the profit generated over the first half of this year, and expects a profitable 2015. In the first nine months, NJTC registered a profit of RMB479m and a revenue of RMB4.02bn. The tanker shipowner was delisted from the Shanghai Stock Exchange in the middle of 2014 after it chalked up consecutive losses since 2011. The completion of a restructuring saw NJTC returned to profitability and it now aims to return to the Shanghai bourse in 2017.

Sainty Marine to pay compensation to Nanjing Yahao Ship Manufacturing

PostTime:2015-05-26 08:39:09 View:1457

Chinese shipyard Sainty Marine has been ordered by a local court to pay Nanjing Yahao Ship Manufacturing approximately $202,800 over the construction of four barges, a sum that the shipbuilder has managed to lower after a successful appeal. Nanjing Yahao filed a lawsuit at Wuhan Maritime Court back in July 2013, seeking compensation of RMB7.37m ($1.19m), but the court ruled in July 2014 that Sainty Marine need only to repay RMB2.48m. However, Sainty Marine lodged an appeal to the Hubei Supreme Court, and the higher court has now ruled that Sainty Marine will instead pay $110,000 in shipbuilding cost and RMB575,300 as compensation to Nanjing Yahao, putting the total repayment at around $202,800. Shenzhen-listed Sainty Marine is mired in financial troubles as some of its assets and bank accounts are frozen. The yard is also hit by shipbuilding contract cancellations and buyer’s refusal to take delivery of badly finished vessels. The company also faces the risk of a failed debt-for-equity rescue deal over the restructuring of debt-ridden compatriot Nantong Mingde Heavy Industry. Sainty Marine had reported a loss of RMB327.59m in 2014 and it warned of a continued loss in 2015.

DNV GL opens central China office in Nanjing

PostTime:2015-01-23 08:21:48 View:1646

DNV GL has opened a new office in Nanjing to support business growth in the area and be the centre for operations in central China, covering most of Jiangsu Province and upstream of the Yangtze to Chongqing and Sichuan, the company said. The office will be headed by area manager Chen Keng, “Central China is home to dozens of shipyards, many industry manufacturers and is therefore one of the most important areas for DNV GL to focus on in China. The launch of our expanded new office demonstrates our commitment”, said Torgeir Sterri, DNV GL vp and regional manager for Greater China. “More expertise and competence in all ship types and offshore units as well as a strong focus on research, technology and innovation enables DNV GL to support the transformation and development of central China’s maritime industry more effectively. Together with our customers, we will contribute to a safer, smarter and greener future”, he added. The expanded office accommodates all staff from both legacy DNV and legacy GL. “Our customers now have easier access to our services. This puts us in a much better position to support them, strengthen our existing cooperations and generate more business in the area," said Chen.

Nanjing Tanker eyes return to profit and listing

PostTime:2015-01-08 08:17:25 View:1513

Debt-ridden and delisted Nanjing Tanker Corporation (NJTC) is aiming to return to profit in 2015 and 2016 as it embarked on a restructuring, the company announced. Having been delisted in the middle of last year, NJTC is also aiming to return to the Shanghai bourse in 2017. In a restructuring progress update, the oil tanker arm of state-owned Sinotrans & CSC Group said it has reshuffled its business units, remodelled its organisation, reduced headcount, and changed its management system. NJTC had chalked up four years of consecutive losses since 2011. The company had largely blamed its poor fortunes on the prolonged sluggishness of the global oil tanker shipping market.

China Development Bank freezes Nanjing Tanker assets

PostTime:2014-05-30 08:22:16 View:1579

China Development Bank (CDB) has won a court approval to freeze RMB510.9m ($81.62m) worth of bank deposits of Nanjing Tanker Corporation (NJTC). CDB, a major creditor bank of NJTC, has applied with Beijing Railway Transportation Intermediate Court to freeze the bank deposits. NJTC revealed that it has owed CDB a sum of $83.97m and it was unable to repay the loans due to the company’s losses and lack of cash flow. The tanker shipping arm of Sinotrans & CSC Group will delist from the Shanghai Stock Exchange on 4 June after it racked up four consecutive years of net losses. In the first quarter of 2014, NJTC continued to register a loss of RMB255.51m.