SPP Shipbuilding to close

SPP Shipbuilding to close

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.

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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