Sinopacific Offshore resumes operations – Splash 247

August 9th, 2017 Jason Jiang Greater China, Shipyards 0 comments

Sinopacific Offshore & Engineering resumed full operations yesterday following the approval of the shipyards restructuring plan last week.

The shipyard went into a bankruptcy restructuring process in August 2016 and suspended operations after delivering a second 38,000 cu m ethylene gas carrier to Ocean Yield in June.

In July, CIMC Enric entered into a new restructuring investment agreement with the receiver of Sinopacific Offshore to take over the yard for RMB799.8m ($117.58m).

An official from SUMEC Group, a major creditor of Sinopacific Offshore, told Splash that the shipyards primary goal now is to complete existing orders and market the yard for new orders.

Sinopacific Offshore currently has two 22,000 cu m LEG carriers under construction for Odfjell.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jasons access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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Sinopacific Offshore resumes operations - Splash 247