SM Group pulls away from SPP yard buyout

Samra Midas Group (SM Group) has pulled out of plans to buy one of the three yards belonging to SPP Shipbuilding, according to Korean newswire, Yonhap. SM Group reportedly could not agree on a price for the yard with creditors for the yard. SM Group owns Korea Line Corp.

SPP, a chemical tanker specialist which has been under creditor-led restructuring for a number of years, stands out in South Korea for being in profit in recent months.


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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