Daehan Shipbuilding exits rehab

Daehan Shipbuilding exits rehab

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.

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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