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.