The liquidator's final report on Whangarei-based Shipco-Marine Constructors Ltd identified debts of more than $5 million, with more than $4 million owed to unsecured creditors.
Shipco-Marine, which built Port Otago's last tug, the $8.5 million Otago, about a decade ago was placed in receivership last August, and its final liquidator's report has just been completed.
Port Otago confirmed earlier this month it was about to decide on the purchase of a new $11 million tug from an overseas yard, having found no New Zealand yard able to compete with offshore prices. Otago could well become the last tug built in New Zealand. The common practice now for port companies is to buy a design and then call for domestic and international tenders for the construction. Port Otago has been to Vietnam and Singapore to visit shipyards.
