SPP to hand over final ship tomorrow and face liquidation

SPP to hand over final ship tomorrow and face liquidation

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.

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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