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Goseong yard to focus on repair

Goseong yard to focus on repair

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The rump of the once mighty STX empire continues to be hived off. Goseong Offshore & Shipbuilding, a Korean yard that was part of STX Offshore & Shipbuilding, is set to be taken over by a joint venture involving Samkang M&T and local asset manager UAMCO.

Samkang, previously a block builder, won its first ship orders last year. Samkang has said Geseong will be transformed into a ship repair facility targeting larger ships.

Goseong, founded in 1978, was taken over in 2011 by STX, just ahead of the conglomerate entering financial difficulties.

The yard has a floating dry dock with a length of 430 m. Under STX, the yard focused on building crude tankers and boxships.

Other parts of the STX yard empire have been on the chopping block for a long time, including its facilities in France and in Dalian in northeast China. STX’s sole shipyard going forward is its original base in Jinhae in the south of South Korea, a yard that was formerly known as Daedong Shipbuilding before being bought out by tycoon Kang Duk-soo in 2001. Kang was arrested on graft charges a couple of years ago as the sprawling STX conglomerate imploded.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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