The Korean government has granted a reprieve of sorts to two of the nation’s yards – STX and Sungdong.
Both yards grew dramatically in the first decade of this century to become in the top 10 globally before stumbling financially.
Seoul has ruled that Sungdong Shipbuilding will file for court receivership and change its business to focus on ship repair and possibly block building. STX, meanwhile, has been told it can continue to build ships so long as it slashes 40% of its workforce and focuses on product, chemical and LPG carriers.
