China Merchants Offshore Engineering Investment has agreed:
- to acquire the integrality of AVIC International’s equity interest in AVIC Weihai Shipyard
- and
- the shareholders loan to the loss-making yard, for CNY 620 million (EUR 82.7 million).
AVIC Weihai is building a series of ro-pax ferries for Stena Ro-Ro (up to 8).
Apparently, the yard can no longer get external finance, due to its losses (CNY 471 million or EUR 62 million last year).
China Merchants has several yards under its umbrella, such as Jinling Shipyard, where freight and ro-pax ferries are under construction for DFDS, Grimaldi and TT Line.
AVIC International Holdings is to leave shipbuilding entirely.