AsiaShipyards

SPP takeover details revealed

Details of the planned takeover of part of SPP Shipbuilding have been revealed. Speaking with Korean newswire Yonhap, Woo Oe-Hyun, chairman of Samra Midas Group (SM Group) said his firm has bid for just one of the three yards controlled by SPP. SM Group is the sole bidder for SPP. It is willing to pay up to $410m to take over SPP’s Sacheon shipyard and rebrand it as SM Shipbuilding.

SM Group is best known in the construction sector, although in 2013 it bought financially struggling Korea Line Corp.

What will happen to SPP’s two other yards in Tongyeong and Goseong remains unclear. SPP, which built up a niche in product tankers, has been in debt workout for the past five and a half years.

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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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