Seoul reticent on who will run STX’s shipyards

Seoul reticent on who will run STX’s shipyards

Korean shipbuilding musical chairs has set the rumour mill into overdrive.

Seoul’s ambition to streamline the number of shipbuilders in the nation to make them more profitable. Following Samsung Heavy Industries taking over management of Sungdong Shipbuilding, local media has linked both Daewoo Shipbuilding & Marine Engineering (DSME) and Hyundai Heavy Industries (HHI) with running STX Offshore & Shipbuilding.

DSME’s dire financial troubles will likely preclude it from taking on the distraction of managing STX however.

The Ministry of Trade, Industry & Energy of Korea (MOTIE) has come out to deny reports it favours HHI taking control of STX.

STX, with yards at home and overseas, is one of Korea’s largest shipbuilding groups.

Last week South Korea’s minister of oceans and fisheries, Yoo Ki-June, hinted at further consolidation among the nation’s shipyards while attending the Danish Maritime Forum in Copenhagen.

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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