SNC Shipbuilding crumbles before first newbuild

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Seoul: Fledgling South Korean yard SNC Shipbuilding is reported to have succumbed to financial difficulties, closing its doors prior to launching even a single completed vessel. The yard, which was expected to cost $179.6m to build near the port town of Gwanyang, was designed to build vessels of up to 80,000 dwt on its 700,000sq mtr premises upon completion this autumn.
However, according to MaritimeChain, the plans came to a grinding halt when the company was unable to honour a bill for Won390m when it was presented to Pusan Bank on March 17. The newspaper also quotes reports that despite securing orders for vessel construction, the yard was unable to come up with the necessary bank guarantees.  [24/03/09]