Korean shipyard Daehan Shipbuilding has exited rehabilitation after just over one year. A court in Seoul yesterday decided the yard was back in decent financial health having repaid its debts owed from last year.
The medium-sized builder filed for court receivership in July last year, which was due to a failed shipowning sister firm of Daehan’s not shipyard difficulties.
Daehan had been managed by Daewoo Shipbuilding & Marine Engineering (DSME) and is controlled by the Korea Development bank. Daehan focuses on product carriers and bulkers.
Seoul is pushing for far greater integration of its shipbuilders, with many mid-sized yards likely to be taken on by their larger peers. Whether Daehan will go to DSME, itself going through immense financial difficulties, remains to be seen.