Reprieve of sorts for STX and Sungdong

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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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