China’s less established small and medium-size yards have been hard hit by the ongoing shipbuilding downturn.
The lack of orders, plus banks’ reluctance to issue fresh financing packages have seen around 10 yards file for court protection or restructuring.
Jiangsu-based Nantong Mingde Heavy Industries, which focused on building high-end vessels such as stainless-steel chemical tankers and pure car/truck carriers (PCTCs), was officially declared bankrupt by Nantong Tongzhou District Court in July.
