STX rebranded under new ownership as K Shipbuilding

STX Offshore & Shipbuilding, once one of the world’s largest shipbuilders, has rebranded as K Shipbuilding after the yard was finally sold by state creditors.

South Korean private equity funds KH Investment and United Asset Management Company (UAMCO) have paid KRW250bn ($217.2m) to take the yard private, after eight years of the state-run Korea Development Bank (KDB) looking after the facility.

Founded in 1976, the company was originally called Ssangyong Heavy Industries before being taken over by a local tycoon, Kang Duk-soo, who went on to build a massive maritime empire before a severe financial crisis engulfed the conglomerate, requiring urgent state support to stay afloat.

Over the past year K Shipbuilding has received a series of product tanker orders, helping stave off an imminent orderbook collapse.

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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