AsiaShipyards

Samsung Heavy readies $1bn share sale

South Korean shipbuilding major Samsung Heavy Industries is gearing up for a share sale worth KRW1.14trn ($996m), Yonhap, the nation’s top newswire is reporting.

Samsung Heavy has had a very difficult year and will fall far short of its annual sales target. A number of Samsung Group affiliates will take part in the share sale to support the yard. As well as selling shares, Samsung Heavy’s restructuring plans include shedding thousands of jobs.

All of South Korea’s major yards have been cutting back staff and capacity this year amid a severe downturn in new orders.

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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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