More casualties possible among Korean shipbuilders

Small South Korean shipbuilders could face collapse in the absence of government support, says shipping-debt trader Lowy.

Photo: Thorbjørn Hansen

South Korean shipbuilders are not out of the woods yet even as orders begin recovering, with the smaller ones facing collapse in the absence of government support, according to a shipping-debt trader.

The government will aid larger shipyards through ways such as giving them orders for the next few years, under its support policy for the shipping and shipbuilding industries, said Soo Cheon Lee, co-founder and chief investment officer of SC Lowy, a Hong Kong-based loan and bond trading firm.

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