Amidst the ordering downturn, South Korea has a new shipbuilder

Amidst the ordering downturn, South Korea has a new shipbuilder

While all around it are struggling to get any orders, one South Korean yard is celebrating its first ever ship order. Samkang M&T, previously a block manufacturer, has won a debut ship order for three 6,600 dwt chemical tankers from compatriot Woomin Shipping worth a combined $47m.

The three ships will deliver from the Goseong-headquartered yard in 2018.

Woomin has a track record of seeking out niche, alternative shipyards when it comes to ordering.

In general, South Korean shipbuilders have been going through a period of unprecedented contraction in the past 18 months on the back of the shipping downturn. Samkang’s emergence marks the country’s first new shipbuilder for more than five years.

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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