Sungdong finds new owners, returns to hull block assembly

Sungdong finds new owners, returns to hull block assembly

Sungdong Shipbuilding & Marine Corp, a Korean shipbuilder that was once among the 10 largest in the world, finally has found a buyer and will return to its roots.

Having sought bankruptcy protection nearly two years ago, creditors at the fourth time of asking have  given the go ahead for a local consortium comprising HSG Heavy Industries and private equity concern, Curious Partners Investment, to take over the facility located in Tongyeoung, a city decimated by the fall in shipbuilding orders this decade.

As part of the agreement, Sungdong will no longer build ships, but will focus on hull block assembly. The yard started out as an equipment manufacturer before becoming a block builder and then entered shipbuilding 15 years ago.

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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