Yangzhou Guoyu Shipbuilding successfully launched the first 50,000 DWT oil tanker MC GAEA on May 25th, according to Ningbo DCL Investments. It took only seven and a half months from the start of construction to the launching of the vessel, “creating a world record for the construction of the same type of vessel”.
DCL Investments commented that the Guoyu Shipbuilding Bankruptcy Reorganization Project is a typical example of DCL Investments’ efforts to rescue a distressed company through bankruptcy reorganization and to help the company regain new life.
According to previous reports, due to the original shareholders’ debt crisis and inability to repay debts on time, Yangzhou Guoyu Shipbuilding applied for bankruptcy liquidation on September 6, 2021 due to inability to repay debts. The court found that the total debt of Yangzhou Guoyu Shipbuilding was about RMB 2.6 billion. The court believed that Yangzhou Guoyu Shipbuilding owed a huge amount of due debts and failed to repay them and obviously lacked the ability to repay. On November 2, 2021, the court ruled to accept the bankruptcy liquidation application of Yangzhou Guoyu Shipbuilding.
In July 2024, the reorganization plan of Yangzhou Guoyu Shipbuilding was passed by the creditors’ meeting with a high vote and approved by the court, marking that DCL Investments will formally hold Yangzhou Guoyu Shipbuilding.
DCL Investments stated that after the acquisition is completed, the company will continue to focus on Yangzhou Guoyu Shipbuilding’s main business of shipbuilding, and will equip the shipyard with an experienced management and operation team, upgrade the supporting facilities, expedite the resumption of full-scale operation and production, and gradually transform into the construction of high-value-added vessels.
Public information shows that Yangzhou Guoyu Shipbuilding was established in June 18, 2005, originally belongs to Wuhan Guoyu Logistics Industry Group subordinate holding subsidiary, with a registered capital of 600 million yuan.
The shipyard is located in Yizheng Economic Development Zone of Yangzhou City, Jiangsu Province, covering an area of about 1,848 mu, with a perennial water depth of more than 13 meters and good water conditions; it has two 50,000-ton slipways, one 70,000-ton slipway and one 100,000-ton slipway, with a maximum lifting capacity of 800 tons; The outfitting wharves on the east and west coasts can berth 50,000-ton ships and outfitting operations for ships of up to 300,000 tons respectively. It can build all kinds of ships such as cargo ships, oil tankers and chemical tankers of 100,000 tons and below, with an annual production capacity of up to 2 million tons.
This successful launch of Guoyu Shipbuilding’s first vessel in record time signifies that the shipyard is officially on the road to revitalization,” stated DCL Investments. The revitalized Guoyu Shipbuilding has gradually escaped from its historical predicament and is expected to make use of the current boom cycle of shipbuilding to create another brilliant future.