China Rongsheng Reports Negative Revenue as Newbuild Orders Canceled

By Kyunghee Park (Bloomberg) -- China Rongsheng Heavy Industries Group Holdings Ltd., the shipyard that has become symbolic of a credit glut gone wrong, said a spate of canceled orders led to negative sales for the year and warned again that it could go out of business. The company’s net loss, its third straight, narrowed to 7.75 billion yuan, from 8.69 billion yuan a … [Read more...]

China Rongsheng to Sell Shipbuilding and Offshore Engineering Businesses

By Clement Tan and Jonathan Browning (Bloomberg) -- China Rongsheng Heavy Industries Group Holdings Ltd., the shipbuilder whose woes made it a symbol of the country’s credit binge, said it planned to sell assets to an unidentified Chinese acquirer. The company intends to sell the core assets and liabilities of its onshore shipbuilding and offshore engineering businesses, … [Read more...]

China Rongsheng Suspends Warrant Issue as Investor Detained

(Bloomberg) -- China Rongsheng Heavy Industries Group Holdings Ltd., once the country’s largest private shipyard, said it will not proceed with a proposed warrant sale after a potential investor who pledged as much as HK$3.2 billion ($413 million) was detained. Wang Ping, owner of private-equity firm Kingwin Victory Investment Ltd., was detained last month on criminal … [Read more...]

Dryships Cancels Newbuild Orders at Rongsheng

NASDAQ-listed DryShips Inc. (DRYS) says it has pulled the trigger on the cancellation of newbuilding contracts for four four ice-class panamax bulker vessels with Jiangsu Rongsheng Heavy Industries in China. DryShip's says it reached an agreement with the shipbuilder in exchange for the refund of all installments paid to RSHI plus interest, which DryShips says it has … [Read more...]

China Rongsheng to Announce Restructuring Amid Exponential Losses

SHANGHAI, Aug 29 (Reuters) - China Rongsheng Heavy Industries Group, the country's largest private shipbuilder, said its first-half net loss widened more than ten times as shipowners continued to postpone vessel deliveries amid a prolonged industry slump. The shipbuilder, which faced possible insolvency last year before agreeing in March with banks to extend its loans, also … [Read more...]