STX yard linked with repair switch

STX yard linked with repair switch

Financially troubled yard STX Offshore & Shipbuilding is being linked to a shock switch to exit ship construction and instead focus on repair or block manufacturing, according to Korean shipbuilding news site Asiasis.

The yard has recently entered court receivership, having been under creditor-led restructuring since April 2013 and has seen a significant chunk of its orderbook cancelled by owners this year.

The yard, which used to be the fourth largest in the world, has received no new orders this year.

Asiasis noted the shipbuilder has the capacity to be a ship repair yard with a floating dock, floating cranes and a suitable workforce. Moreover, its proximity to Busan port would give it potentially plenty of business.

Other Korean yards who have seen their orderbooks disappear in recent months are also looking at reentering the ship repair sector, Asiasis reported.

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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