CHINA's Tianjin Xingang Ship Heavy Industry is shutting down for the second time in its history due to heavy debt.
Tianjin Xingang Ship Heavy Industry, established in 1940, filed for bankruptcy in 2000 as a result of failed company reform and then completed restructuring in 2001. The shipyard has now announced that it's to discharge the labour contracts with its employees and will stop operation and production by the end of October.
After the relocation in 2017, the company had a shipbuilding capacity of 2 million tonnes and ship repair capacity of 220 vessels. The insufficient profits from shipyard operations in recent years have led to the decision to shut down.
The shipbuilding business of Tianjin Xinjiang is expected to be taken over by Dalian Shipbuilding Industry and the ship repair business will be handed over to Shanhaiguan Shipbuilding, according to Colchester's Seatrade Maritime News.
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