Seoul: Under new ownership a bust Korean shipyard is looking to get back into shipbuilding, likely to the chagrin of chemical tanker owners around the world.
Sekwang Shipbuilding, whose history dates back to 1939, has been auctioned off to fellow Korean firm, KS Heavy Industries. The yard had entered court receivership three years ago as all its orderbook dried up amid the poor freight rate environmnent and a number of cancellations.
KS Heavy Industries, which now owns 82% of the yard’s shares following an auction two weeks ago, is now busy trying to secure chemical tanker orders. The aim is to try and get up to 10 chemical tankers orders for designs of between 3,500 and 6,000 dwt at which point management will look at employing up to 1,500 people.
Ulsan-headquartered Sekwang Shipbuilding has two docks.
