Techmarine raising cash for Samjin takeover bid

Seoul: Korean ship software pioneer Techmarine is seeking to raise additional cash to help buy out the assets of a bankrupt Chinese shipyard.

Techmarine, which latterly has branched out into shipowning with three cement carriers, is keen to take over the assets of Samjin Shipbuilding Industries, one of a number of Korean shipbuilders whose investments in China have gone sour in the downturn. Samjin has a yard in Weihai on the southern shores of Bohai Bay.

Techmarine has been holding a fundraising meeting today to try and get others interested in helping the corporate rehabilitation of the yard.

Last August Samjin joined the likes of fellow Korean firms STX and Daehan in announcing Chinese yard bankruptcies.

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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