Reprieve for Sungdong as Kyklades comes knocking for up to seven aframaxes

Sungdong Shipbuilding has won its first order since December 2015, likely sparing it from oblivion.

Greece’s Kyklades Maritime is linked with a big aframax order, putting pen to paper for five firm plus two options of 115,000 dwt tankers. The price per ship has been reported as $44m.

Sungdong’s creditors commented, “With this order, the company escaped from the worst of the crisis. This order, clinched on favourable terms, will contribute to improving the profitability of the shipyard.”

Sungdong is understood to be in advanced negotiations with two other owners for a total of four more tankers.

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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