Samra Midas Group (SM Group) has pulled out of plans to buy one of the three yards belonging to SPP Shipbuilding, according to Korean newswire, Yonhap. SM Group reportedly could not agree on a price for the yard with creditors for the yard. SM Group owns Korea Line Corp.
SPP, a chemical tanker specialist which has been under creditor-led restructuring for a number of years, stands out in South Korea for being in profit in recent months.