South Korean yards' debt stands at billions of dollars

The total debt owed by South Korea's nine largest yards is growing and in 2015 stood at many billions of US dollars, writes Korea Herald. The country is poised for even bigger losses, says market analyst.

BY KATRINE GRØNVALD RAUN

The debt burden plaguing South Korea's nine largest shipyards is growing and last year surpassed USD 84.7 billion, according to an investigation by local market analyst Chaebul.com, reports Korea Herald. Several of the South Korean yards are under restructuring with the help of the state, but the debt could well increase, says Jeong Seio-seob, the CEO of Chaebul.com, to Korea Herald:

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