China’s Dalian Shipbuilding Industry Corporation (DSIC) has agreed to merge with the bankrupt Dalian Daeyang Shipyard, after which Daeyang will be dissolved and deregistered.

DSIC will be the surviving company with its registered capital of CNY 8.5 billion (USD 1.37bn) remaining unchanged. All creditor’s rights and debts of DSIC and Daeyang, with its registered capital of CNY 901.2 million, shall be assumed and borne by DSIC.

Daeyang was a subsidiary of South Korean shipping company Daeyang Shipping until January this year, when DSIC acquired 100% of equity shares in the shipyard.

The shipyard has been operational since May 2009, specializing in conversions and ship repairs at its 300,000 ton and 100,000 ton dry docks.

Located two miles away from the port of Dalian and one mile away from the Dalian anchorage, the shipyard extends over an area of 560.000 square meters.

Additionally to the dry-docking facilities, the shipyard utilises repair berths of a total of 1,310 meters in length with a minimum drought of 7.5 meters, as well as workshops and related facilities.

DSIC plans to upgrade the shipyard and use it to construct navy vessels and LNG carriers.

(From: World Maritime News)