SPP Shipbuilding is officially back in business. The Korean yard, stymied by creditors from issuing refund guarantees for months, is now deemed to be on an even keel.
Creditors have carried a resolution on allowing new profitable orders to be accepted. The shipbuilder – which is made up of three yards – is up for sale, with a local company SM Group, the owner of Korea Line Corp, the preferred bidder for one of the yards.
SPP, a leading product tanker specialist, is holding discussions with parties from Indonesia and Iran over significant ship orders.