A large chunk of the newbuildings on order at South Korea’s bankrupt STX Offshore & Shipbuilding (O&S) may end up being built simply because their construction is physically far advanced and substantial down payments have already been made on the ships.
Brokers following the moves at the cash-strapped shipbuilder, who filed for bankruptcy in early last month amid mounting debts and no further leeway from its creditors, suggest that at least 30 of the vessels in the yard’s 40-plus ship orderbook are likely to be completed.
They
