China's yard giant to divest shipyard business

Struggling Rongsheng Heavy Industries has signed a memorandum of understanding to divest the company's shipyard business, reports Seatrade Global.

Photo: Hempel

One of China's biggest yards is investigating a number of ways to get out of the company's economic troubles of a billion dollar deficit. Rongsheng Heavy Industries now has plans to sell the company's shipping yard business and focus on the energy business instead, according to several media sources.

In a stock market statement, Rongsheng announced that the company has signed a memorandum of understanding (MOU) to divest "related core assets and liabilities of the onshore shipbuilding and offshore engineering business of the group" to a Chinese company, writes Seatrade Global.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Further reading

Related articles

Latest news

See all jobs