Shina SB skirts with bankruptcy

Shina SB skirts with bankruptcy

Seoul: Shina SB will decide whether to continue under court receivership or declare bankruptcy this week.

The yard entered a debt workout five years ago, which it came out of briefly in early 2014 before filing once again for court receivership. Shina SB was known formerly as Shina Shipbuilding and also SLS Shipbuilding.

In June last year the shipbuilder tried to find a buyer but there were no takers.

Most staff have since been handed a paid leave of absence, although reports suggest Shina SB has struggled to pay this lately and many workers have left for other jobs.

The Tongyeong based shipbuilder had built up a reputation as a skilled chemical tanker builder prior to a raft of cancellations, which brought it to its knees.

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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