Kyklades cancels Sungdong’s last ship orders

Endangered Korean yard Sungdong Shipbuilding & Marine Engineering has lost its last newbuild contracts with Kyklades Maritime of Greece nixing a contract for five aframax tankers.

The future of Sungdong, which grew from block manufacturer to become one of the top ten global shipbuilders a decade ago, is in doubt. The government favours making it a repair and block building site while creditors have suggested the yard’s liquidation value is now much higher than keeping it going.

While cancelling at Sungdong, Kyklades has been busy in recent months ordering a swathe of tankers at other Korean yards.

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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