Hungri, Auctioned for 328 Billion KRW Last July
Four Bulk Carriers Ordered by Group Scheduled for Construction
STX Dalian Korean Marine Comprehensive Production Base Panorama
[Asia Economy Beijing=Special Correspondent Kim Hyunjung] STX Dalian, the largest single shipyard in northern China, has been acquired by the local petrochemical giant Hengli Group and is preparing to resume shipbuilding operations.
On the 21st, Chinese economic media Caixin reported that STX Dalian Shipyard was recently acquired by Hengli Group, which plans to build four 20,000-ton bulk carriers ordered by the group. These vessels are designed in a form and size suitable for Hengli Group’s own wharf and are expected to be used for coal transportation between Qinhuangdao and Dalian alongside the existing fleet. Once the construction of these bulk carriers is completed, Hengli Group’s fleet will total 14 vessels with a capacity of 250,000 tons.
Caixin also reported that a large crane inside the shipyard was repairing a large tanker labeled ‘Hengli Heavy Industry,’ and workers were seen actively operating the facility. A representative from Hengli Heavy Industry explained to the media, “We will initially operate the factory mainly for internal group orders, and as a new company, all personnel will be newly organized. After restructuring the management through internal orders, we need to prepare to approach the external shipbuilding market.”
It is known that Hengli Group won the auction for 13 assets of STX Dalian in July this year for 1.729 billion yuan (approximately 328 billion KRW). However, the equity relationship has not yet been incorporated into the affiliate.
STX Dalian, constructed as Dalian’s first investment attraction project in 2006, established a large workshop and four fleets, starting operations in 2008. The annual delivery scale reaches 40 to 50 vessels. The construction cost of the shipyard was reported to be 20 billion KRW, and Hengli Heavy Industry acquired the shipyard at a price less than 10% of the construction cost. After bankruptcy in 2015, there was no buyer, and this transaction was reportedly facilitated directly by the local government. Hengli Heavy Industry stated that in the short term, it plans to restart existing assets and is considering expanding shipbuilding and marine-related businesses by utilizing the shipyard site and coastal resources in the future.
According to Caixin, the reported amount of old STX Dalian-related bonds is about 26.2 billion yuan, with the main creditors being some employees who have not received wages, suppliers, and Chinese banks. Even after STX Dalian was transferred to Hengli Group, employee bond issues remain unresolved, with some employees receiving no severance pay or only 30% of it. Domestic banks such as the Industrial Bank, Shinhan Bank, and Woori Bank, which jointly provided loans to STX Dalian, are reportedly facing difficulties recovering funds due to improper collateral rights settings.
Meanwhile, Hengli Group, which acquired STX Dalian, has annual sales of 732.3 billion yuan, ranking 75th in global sales. Founded in 1994 by the couple Tian Qianhua and Pan Hongwei as a textile company, it has grown into a company specializing in refining, petrochemicals, polyester new materials, and the textile industry.
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