Creditors demand change at Sungdong and SPP

Two Korean shipbuilders from Tongyeong, Sungdong Shipbuilding & Marine Engineering and SPP, yesterday were forced to sign agreements with creditor banks to restructure their firms. Both yards expanded rapidly during the boom times and both have been hit with a series of cancellations. They are neighbours, their facilities lying side by side, in the fishing/shipyard town in the south of the peninsula.
In separate Sungdong news, Greece's Angeliki Frangou-led Navios Maritime Holdings has acquired another capesize newbuilding in what appears to be the latest in a string of distressed deals for large bulkers.
The deal, which dates from April, will see Navios paying $54m for the 180,000 dwt vessel, which is due for delivery in January 2011.