Awash in red ink Singapore’s Sembcorp Marine is shuttering a local yard four years earlier than scheduled.
SembMarine has revealed a full year net loss of S$74.1m for 2018, a sharp reversal from the $260.2m the year before.
In announcing its full year results SembMarine, one of the two largest shipyard companies in Singapore, said it would close its Tanjong Kling Yard in the west of the republic by the end of this year, four years ahead of schedule. The 49 ha yard has two drydocks, one of which is among the largest in the world, capable of handling ULCCs.
