| Shina yard poised to hear its fate |
| South Korean shipyard Shina Shipbuilding (Shina SB), which is under court receivership, will know its fate within days, as the court decides to either extend the company's receivership period or declare it bankrupt. Shina SB, which was once one of the world's 10 largest shipyards, had been under a debt workout programme since May 2010. Upon completion of the programme in March 2014, creditors of the shipbuilder – Korea Trade Insurance Corporation (K-sure) and KDB – filed for court receivership. Shina SB told IHS Maritime, “We have asked for extension. However, we cannot predict the court's outcome. We are waiting for the result at the moment.” According to local newspaper Kyungnam Ilbo, the shipbuilder had announced layoffs in 2014. Most employees took paid leave of absence, receiving 70% of their wages. However, this has changed to unpaid leave since August 2014. While many employees have found new jobs, others are still holding on to their jobs, hoping to return to the shipyard. Kyungnam Ilbo also reported that South Korean shipyard Hyundai Mipo Dockyard (HMD) had entrusted finishing process of 18 50,000-tonne ships to Shina SB. |