Jinse enters newbuild scene

Busan: Another block manufacturer in South Korea has moved into the newbuilding sector, according to Japan's Kaiji Press. Jinse Heavy Industry took over a ship repair-yard, called Senshin, in January 2007.

In the past week it secured an order from Britain's Pan Ocean Bulk Carriers for five 13,000-dwt chemical tankers plus three more options. The fee is $22.3m a piece.

Samsung Heavy Industries counts as one of Jinse's shareholders.

Both Sundong Shipbuilding and SPP Shipbuilding from Tongyeung in Korea graduated from block building to vessel building two years ago. For an in depth look at Korea's new yards look out for the upcoming Korea report in the March/April issue of Seatrade due out soon.  [02/03/07]