In Asia, shipyards these days rarely become extinct, they merely change hands once the coffers run dry.

In China, it has been announced that debt-laden Tianjin Xingang Ship Heavy Industry is to close as a corporate entity. The yard, founded 81 years ago, has already been through one bankruptcy process at the start of the century.

The northern Chinese state-run facility is involved in both new builds and repair work and has a floating dry dock, six quays and a graving dock among its huge working area.

Other state-run entities are expected to take over the shipyard with Dalian Shipbuilding Industry Co (DSIC) to run its shipbuilding division and Shanhaiguan Shipbuilding taking over the repair side of the business.

In both China and South Korea, many yards have been resuscitated under new owners in recent years.