Nantong Pacific Ocean Engineering declared bankruptcy but continues production!

2016-11-08 09:00

"No bankruptcy, no shutdown, no employee layoffs." With the support of the local government, Nantong Pacific Ocean Engineering successfully completed the construction of its first 36,000 cubic meter liquefied ethylene (LEG) carrier, recovering significant losses for creditors, laying a solid foundation for the next step of restructuring, and providing a new approach for the restructuring of bankrupt shipyards in China. Location Comments News Successfully completed the construction of its first 36,000 cubic meter liquefied ethylene (LEG) carrier, recovering significant losses for creditors, laying a solid foundation for the next step of restructuring, and providing a new approach for the restructuring of bankrupt shipyards in China.

On the afternoon of November 2nd, the world's first 36,000 cubic meter liquefied ethylene (LEG) carrier S1035, built by Nantong Pacific Ocean Engineering for a Norwegian shipowner, began its sea trials in Yangzhou. Danyang Shipbuilding ( Location Comments News This vessel is the world's first to be equipped with three independent C-type liquefied gas tanks. Liquefied gas carrier ( Ship type Shipyard Transactions This is also the first vessel successfully completed by Nantong Pacific Ocean Engineering since it entered bankruptcy proceedings in August this year.

On April 28, 2015, Yangzhou Danyang Shipbuilding and Nantong Pacific Ocean Engineering (SOE) jointly started construction of the first two 36,000 cubic meter LEG (liquefied ethylene) carriers for a Norwegian shipowner. Similar to the 27,500 cubic meter LNG carrier the LEG carrier ( Ship type Shipyard Transactions was also jointly built by Danyang Shipbuilding and Nantong Pacific Ocean Engineering, with Danyang Shipbuilding responsible for the main hull construction, Nantong Pacific Ocean Engineering responsible for the construction of the cargo handling system, and Danyang Shipbuilding responsible for the final installation of the tanks.

In August of this year, due to funding shortages and a deteriorating external business environment, Nantong Pacific Ocean Engineering, a leading player in the global market for small and medium-sized liquefied gas carriers, fell into bankruptcy. Faced with numerous unfulfilled orders and the future of nearly 10,000 employees, the Qidong Court, which handled the bankruptcy case of Pacific Ocean Engineering as a national reform pilot court, fully utilized business thinking, guided by the maintenance and protection of the enterprise's operating value and the prevention of improper asset depreciation. Before accepting the case, it guided the enterprise to retain orders and stabilize the order. After the enterprise obtained customer advance payments to secure production funds, it flexibly applied the bankruptcy law, quickly ruling to allow the enterprise to continue operations, ensuring that the enterprise could "continue production and maintain employment during bankruptcy." The successful completion of the vessel construction recovered significant losses for creditors and laid a solid foundation for the next step of restructuring.

Previously, there were reports that the bank providing the refund guarantee for the three ship contracts for Ocean Yield's Eco Star had notified the shipyard to complete the construction of these ships. However, brokers stated that the completion of this LEG vessel was due to the support of Jiangsu SUMEC Shipbuilding ( Location Comments News at the beginning of the year. It is understood that after Nantong Pacific Ocean Engineering entered bankruptcy proceedings, with the help of Jiangsu SUMEC Shipbuilding, Nantong Pacific Ocean Engineering completed the construction of its first 36,000 cubic meter LEG carrier. On the afternoon of November 2nd, the vessel went for sea trials and is expected to be delivered soon and put into operation in the United States in the near future.

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