New owners for STX

South Korea’s STX Offshore & Shipbuilding has new owners. Private equity fund KH Investment and local debt clearing house United Asset Management Co have joined forces to take the yard private after eight years of being held by state-backed creditors.

As recently as eight years ago, STX was the world’s fourth largest shipbuilding group but financial scandals and a severe drop in orders plunged the yard into chaos in 2013 with many affiliates since sold off.

Formerly known as Ssangyong Heavy Industries, the yard was taken over and rebranded as STX in the year 2000.

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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