Hengfu Shipbuilding, the largest shipyard in Ningbo, China, until its bankruptcy in 2011, is to resume operations after it was acquired by Ningbo Shangchen Investment Company, according to local media.
Ningbo Shangchen bought the assets of Hengfu Shipbuilding in auction for around CNY 275 million (USD 43m) back in July, while its affiliate Blue Sky Shipbuilding is still up for sale.
The shipyard will be renamed to Ningbo Huanhai Heavy Industry, and is expected to be operational by September. The shipyard will initially focus on ship repair.
Works are currently underway to bring the shipyard’s docks and equipment back to life after they have been left idle and exposed to the elements for the last five years.
World Maritime News Staff