Samkang M&T

Shipping
KOSDAQ
South Korea

Shipbuilders vying to land more projects amid a global drought in demand are eyeing countries in the Middle East, attracted by eased sanctions against Iran and signs of international oil price recoveries... Since Hyundai Heavy Industries signed a $700 million order to build 10 vessels for Iran’s state-owned Islamic Republic of Iran Shipping Lines last week, expectations are growing for other shipbuilders to ink new deals as well. Currently, Iran owns 175 ships. Among them, 43 are more than 20 years old and 110 are more than 10 years old, according to shipping research company Clarksons. Replacement orders for ships older than 20 years alone could result in orders of container and bulk carriers worth more than a trillion won... In September, shipbuilder Samkang M&T inked a $398.8 million deal with Iran’s state-run shipyard Iran Shipbuilding & Offshore Industries Complex. The amount is not as big, but it equals roughly two years of revenue. Samkang will supply a 1,000 ton crane and build facilities for the shipyard. (Korea JoongAng Daily,  "Shipbuilders set sights on contracts in Mideast," 12/15/2016).