Guanhai Shipping and Chairman of Guanhai Shipping Lin Cailong
Blindly expanding and transforming shipbuilding "take a big shot". A large number of loans and poor management led to a break in the capital chain. The heavy debt burden turned into "the last grass for the collapse of the enterprise", causing Fujian Guanhai Shipping, the largest shipping company in Fujian Province, which once had 32 ships, to finally fall. Guanhai Shipping's bankruptcy also dragged its shipyard, Guanhai Shipbuilding, the largest private shipbuilding company in Fujian, which once had orders of more than 7 billion yuan, at most, into the water.
Guanhai Shipping was once the largest shipping company in Fujian, ranking sixth in China
On July 17, the People's Court of Lianjiang County, Fujian Province issued an announcement on "(2019) Fujian 0122 Break No. 1", stating that on April 16, 2019, the People's Court of Lianjiang County, Lianjiang County, 6, ruled to accept the bankruptcy liquidation application of Fujian Guanhai Shipping Co., Ltd. on the application of creditors, and designated the liquidation group of Fujian Guanhai Shipping Co., Ltd. as the administrator on July 5, 2019. At the same time, Fujian Guanhai Shipbuilding Industry Co., Ltd., a subsidiary of Guanhai Maritime Transportation, was also approved for bankruptcy liquidation.
According to the announcement, creditors of Guanhai Shipping and Guanhai Shipbuilding should declare their claims to the administrator from the date of issuance of the announcement, and the declaration period ends on October 8, 2019. Guanhai Shipping will hold its first creditors' meeting at the Comprehensive Pavilion of Sports Park, No. 1 Jianxing Road, Lianjiang County, Fuzhou City, Fujian Province at 9:00 on October 16, 2019, and Guanhai Shipbuilding's first creditors' meeting will be held at 10:30 on the same day.
Guanhai Shipping was established in 1990. It is an enterprise with 29 years of shipping experience. Before the restructuring, it was the Fujian Province Guantou Shipping Corporation, registered in Lianjiang County, Fuzhou City, and engaged in international, domestic coastal, Hong Kong, Macao and Taiwan route transportation. Domestic coastal routes are mainly engaged in the transportation of coal and steel ore from major northern ports such as Qinhuangdao, Tianjin, and power plants from power plants from East China and South China, especially the transportation of raw materials to Shanghai Baosteel Group and the transportation of power coal from large power plants such as Zhangzhou Houshi Power Plant.
data shows that Guanhai Shipping was once the largest maritime transportation enterprise in Fujian Province. According to statistics from the Ministry of Transport's 2010 "China Shipping Development Report", it ranks sixth among all shipping companies in the country, with fixed assets of 2.9 billion yuan, and 32 ships of Cape of Good Hope, Panama, flexible bulk carriers, containers, passenger ships, etc., with a total load of nearly 2 million tons of diptons. It is engaged in international ocean, Hong Kong, Macao and domestic coastal cargo transportation.
Guanhai Shipping has a total of 27 natural person shareholders, and the legal person Lin Cailong holds 50.97% of the shares, and is the ultimate beneficiary. The shares of the other 26 people are relatively scattered. Lin Cailong entered the shipping industry since 1981 and is the chairman of Guanhai Shipping and Guanhai Shipbuilding. In 2009, Lin Cailong was awarded the annual "Haixi Top Ten Heroes of the New Economy", which is the only person in Fujian's shipbuilding industry to receive this honor.
The ship owner transformed into shipbuilding and "trying a new step" to build Fujian's largest private shipbuilding company
In 2006, he had been working in the shipping industry for 25 years. Lin Cailong, chairman of Fujian Guanhai Shipping, invested 500 million yuan to build Guanhai Shipbuilding Industry Co., Ltd., and also served as the chairman of the company.
In January 2006, Guanhai Shipbuilding entered the preparatory stage, laying the foundation in May, and starting production in September, achieving the expected goals of planning, construction, receiving orders in the same year, and putting production in the same year. Shipbuilding companies have made the "four years" a big leap in Fujian's shipbuilding industry and even the whole country.
Guanhai Shipbuilding builds an 80,300-ton bulk carrier "Shoushan" ship
Since its establishment, Guanhai Shipbuilding has always pursued the "dream" of building a large ship. In 2008, Guanhai Shipbuilding built the 80,300-ton bulk carrier "Shoushan" for the first time for Hong Kong Longyun Shipping Co., Ltd., which is the largest tonnage ship built for the first time since the founding of Fujian Shipbuilding Administration, filling a gap in the construction of 80,000-ton ships in Fujian's shipbuilding industry. The construction of the "Shoushan" ship has strengthened Hong Kong Longyun Shipping to continue its confidence in continuing to cooperate with Guanhai Shipbuilding. It has built a total of 5 same-type 80,300-ton ships, and has also become the company with the largest export of such ships in Fujian.
Guanhai Shipbuilding was once the largest private shipbuilding enterprise in Fujian Province, and set a number of firsts: it built a bulk cargo ship with the largest single-ship tonnage (80,300 tons) in Fujian Province; it has both 30,000 tons, 50,000 tons and 80,000 tons of ships with the largest annual production capacity. The total load capacity of the ships built in 2011 reached 450,000 tons.
When the market was the best, Guanhai Shipbuilding took over 36 ship orders, with a contract amount of RMB 7 billion. However, since the end of 2012, Guanhai Shipbuilding has not received any orders.
According to reports, in order to become bigger and stronger, Guanhai Shipbuilding has invested too much in the early stage, resulting in overcapacity.
Since 2011, due to market sluggishness and poor management, Guanhai Shipbuilding's capital chain has been broken. Since October 2013, Guanhai Shipbuilding has been completely suspended. Although the shipyard has been unable to continue operating normally, it has not filed for bankruptcy. Part of Guanhai Shipbuilding's site was leased to Mawei Shipbuilding in July 2014 to be a segment, as one of the three production bases of Mawei Shipbuilding.
Since 2014, Guanhai Shipbuilding has been exposed for wages arrears from employees. In 2015, a large number of Guanhai employees claimed that Lin Cailong and his gang had owed hundreds of millions of employees to raise funds. At the end of 2015, Guanhai Shipbuilding's "wage arrears case" entered the court's compulsory execution stage. As of August 2015, Guanhai Shipbuilding owed more than 180 people a total of RMB 6.7 million in wages, more than RMB 600,000 in medical and social security, and more than RMB 500,000 in provident fund. Among them, 21 people successfully adjusted and arbitrated, and more than 1.5 million yuan of wages were recovered.
Guanhai Shipbuilding originally hoped to make up for the wages owed to workers through asset restructuring. Guanhai Shipbuilding has signed a framework agreement for restructuring and mergers with Fujian Shipbuilding Group. According to the agreement, Fujian Shipbuilding Group will restructure and merger with no less than 510 million yuan. The restructuring work was originally planned to be fully completed in September 2015, but the asset restructuring plan eventually failed. Currently, Guanhai Base is hosted by Fujian Southeast Shipbuilding. Not long ago, the Southeast Shipbuilding Party Committee organized a special seminar on "Guarding Guanhai Base and Promoting Transformation and Upgrading".
The capital chain was broken, and the assets under the arrears of employees were forcibly auctioned
Due to poor management and other reasons, Guanhai Maritime Shipping's capital chain was broken, and wages were owed since 2013. At present, some of the resigned employees' salaries are still paid only until June 2014. During this period, the former employee of Guanhai Shipping negotiated with the company boss many times, but there is still no result.
In April 2017, Guanhai Shipping a bulk carrier "Guanhai 308" was publicly auctioned on Taobao's judicial auction network platform. The announcement shows that because the person subject to execution Guanhai Shipping, Guanhai Shipping, Lin Cailong, and Guanhai Shipping shareholder Yu Baochai has not fulfilled the obligations determined in the effective legal documents so far, the Xiamen Maritime Court publicly auctioned the "Guanhai 308" round mortgaged by the person subject to execution to CITIC Asset Management Co., Ltd. .
"Guanhai 308" ship was built by Guanhai Shipbuilding on December 31, 2011. It is a 47,500 dwt bulk carrier. The ship was finally sold by Zhoushan Putuo Zhongchang Maritime Transport Co., Ltd. for a price of 82.5769 million yuan.
It is worth mentioning that in March 2016, due to Guanhai Maritime Transportation owed the salary of the ship's employees, all the crew members of the "Guanhai 308" ship left the ship, and the ship was unattended. A Maritime Bureau entrusted a certain marine engineering company in Shanghai to protect the ship on-site, and more than 8 million yuan in relief expenses were incurred in half a year.
In addition to the "Guanhai 308" ship, in October 2017, another bulk carrier, Guanhai Shipping, was also publicly auctioned, with a transaction price of 99.5 million yuan. According to the announcement of the Xiamen Maritime Court, the "Guanhai 228" shipment is mortgaged to the person subject to execution by Guanhai Shipping, Guanhai Shipbuilding, Lin Cailong, etc. China Minsheng Bank Co., Ltd. Xiamen Branch. The "Guanhai 228" wheel was also built by Guanhai Shipbuilding and was delivered in 2012 with a load capacity of 80,012 tons.
In 2017, another auction target about Guanhai - Guanhai Shipping Holdings 20% of the equity of Shanghai Baojiang Shipping Co., Ltd. held by Guanhai Shipping.
At the same time, Guanhai Shipping's office building in Fuzhou has also been seized by the Fuzhou Intermediate People's Court and mortgaged at the Fuzhou Hualin Branch of Huaxia Bank Co., Ltd. in September 2016. It was forcibly auctioned by the court for 25.4985 million yuan.
blindly expanded a large number of loans, and the capital chain was broken
It is understood that the number of small and medium-sized shipping companies in Fujian accounts for more than 98% of the total number of shipping companies, and most of them are private enterprises. They are the backbone of active economy, increasing employment and shipping industry development. Under the downturn in the shipping market, shipping companies are showing a trend of polar development, with two ends being small and the middle being large. One pole is that some companies are moving against the trend and continue to develop healthily; the other pole is that some companies are bankrupt and reorganized or withdraw from the shipping industry.
In recent years, Fujian has developed well. Fujian Shipping Group has achieved alliance integration under the guidance of the government, with a capacity of 1.2 million net load tons; Quangang Xingtong Group, which specializes in the professional market of chemical transportation and ranks fifth among the national waterway chemical transportation companies; Antong Holdings Co., Ltd., which ranks 28th in the world and is the first private shipping logistics company in the province to be successfully listed on the Shanghai Stock Exchange; Fujian Air China Ocean Shipping Co., Ltd., which has been listed on the New Third Board, controlling capacity of 3 million tons, and has been ranked fifth and sixth in the country in recent years; Fujian Air China Ocean Shipping Co., Ltd., which is listed on the New Third Board, focusing on bulk cargo transportation business at home and abroad, and Fujian Haitong Development Co., Ltd., which has increased its total capacity to 528,000 tons.
But the other extreme shipping companies are characterized by broken capital chains. They blindly accept bank loans when the market is in a small spring, and use loan funds and financial leasing models to develop and expand the scale of the company. The loans of hundreds of millions and social fundraising are now in the repayment period. Faced with the market decline, the company loses, the ship prices shrink, the capital shortage, and the capital chain breaks. They cannot repay bank loans or other loans on time. They also owed a large number of ship employees' salaries, so they were sued by banks or other creditors, resulting in a surge in the number of ships seized and auctioned by the maritime court. During the bank debt collection, the ship was auctioned at a low price, and the company quickly went bankrupt and went bankrupt. The heavy debt burden has evolved into "the last grass of business collapse."
used to have 16 publicly registered corporate groups including Guanhai Shipbuilding Industry Company, commerce, tea industry, tourism, real estate development, etc. Due to weak credit awareness, blind expansion, and large-scale use of loans, and finally lost their own financing credit. When the market changed drastically, enterprises suffered losses, banks drew loans, broken capital chains, and financing channels were completely blocked. All banks no longer provided loan support to Guanhai. The banks that originally loaned to Guanhai became creditors. The heavy debt burden overwhelmed the once prosperous shipping company. This is a typical case and the pain of Fujian's maritime development.
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