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Shina SB bankrupt, assets to be sold

Shina SB bankrupt, assets to be sold

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Korean yard ShinaSB, long on life support, has finally filed for bankruptcy. The shipbuilder has been under court receivership since April 2014. It has since tried to seek buyers, failing on three separate occasions.

A local court will now select a bankruptcy trustee and then proceed to liquidation proceedings for the company. The bankruptcy trustee will then distribute assets of ShinaSB to creditors.

ShinaSB has changed names many times since it was founded 69 years ago. It has since been known as Shina Shipbuilding, Shina and SLS Shipbuilding. It built up a niche in product and chemical tankers before the global financial crisis struck.

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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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