Nantong Mingde Heavy Industries Bankrupt

China’s Nantong Mingde Heavy Industries has been ordered to file for bankruptcy after an application by Chinese shipbuilder Sainty Marine on December 26.

The court declared the shipyard insolvent and accepted an application for its bankruptcy and reorganization by Sainty Marine. 

Both yards are listed on the Chinese government’s white-list for receiving financial support, and they had been collaborating to win orders. 

Nantong Mindge has built chemical tankers as well as a range of other vessels including offshore vessels. According to media reports, it currentlyl continues the construction of 14 stainless steel chemical tankers.

In a media statement Mingde president Ji Fenghua said it was a pity that his company was forced to file for bankruptcy. However, he conceded that the move should ensure the shipyard’s continued survival.