Ex-Chinese shipbuilder Jiangsu Rongsheng Heavy Industries is apparently making a comeback, inking a letter of intent for 10 bulker newbuildings with Greek shipowner George Economou’s Cardiff Marine.

The Nantong-based Rongsheng was once China’s largest privately owned shipyard but the debt-laden yard exited the shipbuilding business in 2014 following the global financial crash.

Shipbuilding sources said former Rongsheng’s chief executive David Luan has been rehired by his former boss, Chinese businessman Zhang Zhirong, to restart Rongsheng.