Samkang Shipbuilding & Construction’s ambition to break into the shipbuilding industry has been dashed by its failure to secure refund guarantees for its only newbuilding contract.
Shipbuilding sources said the newly founded shipyard has halted its plan and instead will turn its focus to shiprepair.
Goseong-based Samkang landed its first newbuilding deal in May when it won an order for four aframax tankers from a European owner, which was reported to be paying at least $48m each for the Tier III-compliant tankers.
