State-run China Merchants has completed the acquisition of its seventh shipyard, Qingdao Yangfan Shipbuilding, in the northeast of the country.
The yard, one of China’s oldest, has been rebranded CMI Qingdao Shipyard.
The yard is best known for building large bulk carriers and containerships in its two drydocks.
The shipyard can trace its roots to 1949. It filed for bankruptcy in 2016, and was then taken over by a local Qingdao company, before China Merchants moved for it in recent months.
Energy News Beat