Sungdong Shipbuilding Wins Tanker Order, First in More Than One Year

Sungdong Shipbuilding won an order for seven mid-sized tankers, including two as an option, from a Greek shipowner. This was the first time for the Korean mid-sized shipyard to receive a newbuilding contract since December 2015.

According to industry sources on May 25, Sungdong Shipbuilding signed a deal with Greece’s Kyklades Maritime to build five 115,000-ton tankers in firm order and two more in option. The per-ship newbuilding price is estimated at US$44 million.

Sungdong creditors said, “With this order, the company escaped from the worst crisis,” adding, “This order, clinched on favorable terms, would contribute to improving the profitability of the shipyard.”

Sungdong Shipbuilding is also likely to clinch orders for two tankers and two shuttle tankers within the first half of this year. These orders would bring Sungdong’s order receipt volume up to $500-$600 million, brightening the prospect that it could achieve its annual order receipt target set at $1 billion.
Source: The Korea Economic Daily