Tomorrow SPP Shipbuilding will deliver its final vessel and then face liquidation. Once the world’s foremost chemical carrier manufacturer, the shipbuilder has three yards around South Korea and has been in a debt workout scheme for a number of years.
Last year, Samra Midas Group (SM Group), a construction firm, came close to buying one of the three SPP yards, but the deal fell through as a price could not be agreed upon with creditors. SM Group owns dry bulk concern Korea Line Corp as well as SM Line, the brand new South Korean containerline, which is set to start sailing next month.
In related news, creditors will once again try and auction off Goseong Offshore & Shipbuilding, a subsidiary of STX Offshore & Shipbuilding. If no satisfactory bid is made for the yard, creditors have signalled it will also be liquidated.