Samjin Shipbuilding Industries Co(SSI), previously known as Weihai Samjin Shipbuilding, is believed to be the first shipyard in China to recover from the market downturn following a successful restructuring and its acquisition by a Zhoushan-based investment company, Zhejiang Xiaoke Holding.
The former South Korean-owned shipyard ran into cash flow problems four years ago, filing for court receivership in 2014.
The Weihai-based shipbuilder was given a new lease of life at the end of last year when Xiaoke purchased the shipyard from the local government and Samjin was officially back to shipbuilding in January.
