Sale of shipbuilder SPP to start in earnest next month

Sale of shipbuilder SPP to start in earnest next month

The main creditor of South Korea’s SPP Shipbuilding will look to offload the yard next month. Woori Bank will send out a request for proposals in Ocotber to select an underwriter for the sale.

SPP, which has been in debt workout for the past five years, managed to swing into the black in the first half of this year, notching up a KRW15.8bn net profit. SPP is one of the world’s leading product tanker builders. Its three yards are estimated to be worth KRW500bn.

Earlier this year, Woori was linked with selling SPP to overseas interests.

 

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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