A shipbuilding contract for two product tankers recently raised speculation that embattled Hanjin Heavy Industries & Construction (HHIC) was making a comeback in commercial shipbuilding.

But optimism over the significance of the South Korean yard's KRW 100m ($52m) deal with Compagnie Maritime Belge, which will see the yard complete two half-built LR2 newbuildings, may be misplaced.

That is because the Busan-based shipyard, which was founded in 1937, has been put up for sale by its major creditor, Korea Development Bank.