South Korea’s SPP Shipbuilding, once one of the world’s foremost chemical carrier makers, will be shut down in late March next year after creditors failed to find a buyer for the struggling yard. SPP’s orderbook runs out in March, after which it will be liquidated becoming one of the more high profile Asian yards to fall during the shipping downturn.
Samra Midas Group (SM Group) pulled out of plans to buy one of the three yards belonging to SPP Shipbuilding, in May this year. SM Group reportedly could not agree on a price for the yard with creditors for the yard. SM Group owns Korea Line Corp.
