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DAYANG YARD RELAUNCHES WITH LoI FOR 12 BULKERS

Wednesday, November 21, 2018 

The New Dayang Shipbuilding yard was officially launched on 20 November, following a restructuring of the bankrupt Chinese shipbuilder, formerly the privately-owned Dayang Shipbuilding, an affiliate of Sinopacfic Shipbuilding, which ceased operation in 2017.

The restructuring has been achieved with the assistance of government-backed investment group SUMEC, and the new yard's aim is to return to profitability within three years. During the restructuring process Dayang has managed to secure orders for 11 bulk carriers, including a deal in October 2018 for eight 63,500 dwt ships from AVIC International Leasing.

The state-owned yard's prospects appear to have been further enhanced with the announcement during the relaunch ceremony of a letter of intent for 12 more 63,500 dwt Ultramax bulkers from CDB Leasing, a subsidiary of China Development Bank. CDB Leasing current owns a 32-vessel strong fleet, comprising 30 bulkers, an LPG carrier and a product tanker, and has 12 Capesize bulkers on order at various Chinese yards.

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