STX Dalian Shipbuilding’s Restructuring Still Uncertain

STX Dalian Shipbuilding Co. will not receive the much needed financial boost from the local government, SinoShip News informs quoting governmental authorities.

The restructuring plan of the shipyard remains uncertain since the launching of negotiations between STX Dalian Shipyard’s parent company STX Offshore & Shipbuilding and Dalian municipal government and creditor banks.

Rumor has it that it is more likely that the shipyard will be taken over by China Shipbuilding Industry Co (CSIC).

Accordingly, CSIC has been eying transfer of its Dalian Shipbuilding Industry Co (DSIC) to Changxing island, since 2008. By acquiring STX Dalian the relocation would be facilitated considerably.

Due to a rising debt caused by a depressed market, South Korea’s STX Offshore & Shipbuilding Co Ltd has been mulling the sale of its shipyards in France, Finland and China.

As a result of financial troubles, STX Dalian opened up to new stakeholders via a sale of up to 40 percent of its shares and/or infusion of capital.

[mappress]
Shipbuilding Tribune Staff, July 19, 2013