SPP sale hits a snag

SPP sale hits a snag

The protracted sale of a yard belonging to SPP Shipbuilding has hit another delay, with Samla Midas Group, the potential buyer, now wishing to change the final sale price having carried out due diligence on the yard.

SPP, which is very rare in South Korea being in the black for its latest financial results, is close to securing a sizeable order from Iran for a series of product tankers.

Samla Midas Group was the chosen firm by creditors to take over one of the three yards controlled by SPP. Samla Midas also owns Korea Line Corporation.

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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