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Via splash247.com

Nantong Xiangyu Shipbuilding & Offshore Engineering, previously known as Nantong Mingde Heavy Industry, held an opening ceremony yesterday and officially commenced operations.

Nantong Xiangyu took over bankrupt Nantong Mingde for RMB576m ($83.8m) through an online auction in January. The company is a joint venture between state run logistics and supply chain investment company Xiamen Xiangyu Group (36%), Nantong Wangzhe Shipbuilding (30%) and China Ocean Industry (24%), with the remaining 10% held by a trust fund established by the three parties.

Nantong Xiangyu has signed a letter of intent with Kai Sheng International Shipping for the construction of a 50,000dwt chemical tanker.

The shipyard also confirmed an earlier reported order from Goldwin Shipping for a 38,800dwt chemical tanker, which will be the first ship built by the shipyard. The order also came with options to build three additional tankers.

According to Deng Qidong, president of Nantong Xiangyu, the shipyard also plans to expand its product portfolio to LPG, LNG, and roro ships. The shipyard has kept most of the employees from Nantong Mingde and invested RMB140m to upgrade the infrastructure of the yard.