Samsung Heavy cancels plans for a Southeast Asian yard

Samsung Heavy cancels plans for a Southeast Asian yard

Amid straitened times on home soil Korean mega yard Samsung Heavy Industries (SHI) has canned long held plans to open a shipyard in Southeast Asia.

SHI said yesterday in a statement: “We were examining the establishment of a yard in Southeast Asia. But the recent situation in the market and our operations, we have decided not to pursue this plan.”

SHI has been rocked by plenty of offshore-related cancellations this year. It had been scouring Southeast Asia for the past five years for possible expansion, having site tours to Vietnam, the Philippines and Indonesia. SHI does have an overseas yard, in Ningbo, China, which has recently switched from being a block builder to become a fully fledged shipbuilder, taking orders for product carriers and smaller bulkers.

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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