Reprieve of sorts for STX and Sungdong

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. 

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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