iMarine

Bankrupt shipyard welcomes “major breakthrough” after resuming work and production

Recently, a super-large offshore living barge “Guohai Anhong” with DP3 power positioning function was successfully entered into dock in Quanzhou Shipyard.

Guohai Anhong has a length of 115.5 meters, a beam of 34 meters and a depth of 9.1 meters. The living area can accommodate 684 people, and is equipped with galley, dining room, gymnasium and cinema, which can satisfy the needs of life and entertainment at sea.

It is equipped with six generators and six full slewing thrusters. And the deck is fitted with a retractable swivel platform bridge, a 300-ton deck crane, and eight positioning moorings.

Before “Guohai Anhong” entered the dock, Quanzhou Shipyard formulated a docking program and promptly inspected the inlet and outlet valve system of the pump room, main pump control system and dock door control system of the dock. During the docking period, Quanzhou Shipyard ensured that “Guohai Anhong” would be safely placed in the dock for maintenance according to the plan.

Data show that Quanzhou shipyard is located in Huian Douwei port area, covers an area of about 2017 acres, the total length of the shoreline is about 3.6 kilometers. It has 7 wharves under construction and already built, 2 planning wharves, 2 300,000-ton docks, 2 100,000-ton docks, 2 ship platforms below the 10,000-ton; 13 large cranes in the main outdoor area, 55 cranes in the workshop, and other important production equipment.

It is one of the few deep-water ports in China where 300,000-ton ships can freely enter and exit without freezing or silting, and is one of the four major transshipment ports in China, possessing eight advantages such as location, port, transportation, industry, space, cost, policy, and competition in the industry.

It is understood that the predecessor of Quanzhou Shipyard is Quanzhou Shipbuilding Industry Co., Ltd. established in 2004, which is a large shipyard with the production capacity of ship repair, shipbuilding as the main body, combined with offshore petroleum engineering repair and other production capacity.

In 2007, Quanzhou Shipyard was acquired by Titan Petrochemicals Group Ltd., a Hong Kong-listed private enterprise, at a cost of US$170 million, and became its wholly-owned company. Three years later, Titan Petrochemicals Group announced the sale of Quanzhou Shipyard, which changed buyers several times in the process, but the sale has not been successful. Until December 9, 2019, the People’s Court of Hui’an County, Fujian Province received the application for the winding up of Quanzhou Shipyard. On November 23, 2020, Quanzhou Shipyard launched its first auction with a starting price of approximately RMB 852 million, which was aborted after no bidding.

In January 2021, Quanzhou Jiaofa Real Estate Investment Group Co., Ltd. bid about 1.2 billion yuan to win the bankruptcy asset package of Quanzhou Shipyard, with a premium as high as 76.9%, which is a rare case of premium transaction in the auction of bankrupt shipyard. In February of the same year, Quanzhou Jiaofa Group and Hui’an County Party Committee and County Government started the restructuring project of Quanzhou Shipyard, with a total planned investment of 2 billion yuan. In April of the same year, Quanzhou Jiaofa Group set up a wholly-owned subsidiary, Quanzhou Jiaoda Shipbuilding Heavy Industry Development Co., Ltd., which is responsible for the management and operation of the Quanzhou Shipyard Project.

In 2023, Quanzhou Shipyard was revitalized by investment promotion and leasing, and Boyang Shipbuilding Company was successfully introduced as an associate unit in the ship repairing section. In September 2023, Quanzhou Shipyard formally resumed work and production.

With the continuous improvement of ship repairing technology, Quanzhou Shipyard has undertaken 6 ships and completed 5 ship entering docking tasks in the beginning of 2024, of which 3 ships have been completed and delivered. Up to now, Quanzhou Shipyard has repaired a total of 15 ships, marking a major breakthrough for the ship repair business as the maturity of the business has been further enhanced under normalized operation. In addition, Quanzhou Jiaofa Shipbuilding Industry Development indicated that it would revitalize the Quanzhou Shipyard as a whole in 2024.

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