ShinaSB under the hammer again

Seoul: ShinaSB, a well known chemical tanker builder in Korea, is set for a second round of auctioning following the failure by creditors to offload it last year.

Bidding for the mid-sized yard, formerly known as SLS Shipbuilding, will start at the end of this month.

The yard has yet to complete its debt workout, but taking into account its facilities and land, the sale, if it goes through, is expected to raise KRW200bn ($178m).

When it came up for auction last year ShinaSB did attract a number of bidders including from as far afield as Indonesia, but no one was willing to bid high enough to meet the creditors’ requirements.

ShinaSB’s main shareholder is the Korea Trade Insurance Corporation (K-Sure) who has 65.47% of the yard’s shares.

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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