Yangzijiang Shipbuilding unit ordered to wind up over unpaid US$4.8 million debt

A YANGZIJIANG Shipbuilding unit that used to hold at least 43 subsidiaries has been ordered to wind up, after it failed to pay monetary compensation to a customer over a botched sale.

Singapore’s High Court on Friday (Mar 17) granted the application by Liberian company Trinity Seatrading for Yangzijiang Shipping to be liquidated because the Singapore-incorporated company is unable to pay a debt of over US$4.8 million owed to Trinity Seatrading. The liability arose from an arbitration award in the United Kingdom.

Trinity Seatrading has declined to take delivery of an oil tanker sold by Yangzijiang Shipping as the vessel was not made according to specifications. It was awarded by a UK arbitration tribunal on Jul 18, 2022, for the refund of the US$12.2 million deposit it had paid and monetary compensation of US$3.25 million – both with interest.