Nov 17, 2022 04:03 AM

BUSINESS

Exclusive: Upstart SPS Shipyard Lands $580 Million Order for 14 Ships

By Li Rongqian, Bao Zhiming and Denise Jia

Workers at Jiangsu Rongsheng Heavy Industries on Nov. 4, 2010.

Workers at Jiangsu Rongsheng Heavy Industries on Nov. 4, 2010.

China’s upstart SPS Shipyard signed a letter of intent to build 14 bulker ships for Greek shipowner George Economou’s Cardiff Marine in a $580 million deal, Caixin learned from several ship brokerages.

The vessels are to be built at an abandoned shipyard formerly owned by bankrupt Jiangsu Rongsheng Heavy Industries, once China’s largest privately owned shipbuilder.

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