Korean bank looks at selling SPP to overseas yard

Korean bank looks at selling SPP to overseas yard

Seoul: Woori Bank, the main creditor of financially troubled SPP Shipbuilding, is looking at the possibility of a non-Korean yard taking it over. SPP is one of many Korean yards undergoing restructuring.

Typically, whenever a shipping line or shipyard goes in for restructuring in Korea, the end result is that the company remains Korean. However, SPP might be the exception to the rule, with reports from Seoul suggesting Woori is looking at Chinese and Japanese yards’ bids for SPP. SPP is a mid-sized yard with a track record of building chemical and product carriers as well as small boxships and bulk carriers ranging in size from 35,000 to 80,000 dwt.

SPP is one of many yards in Korea undergoing restructuring, the list includes STX Offshore & Shipbuilding, Daesun Shipbuilding & Engineering and Sungdong Shipbuilding & Marine Engineering, the latter of which neighbours SPP and has in the past been linked with merging with SPP.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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