According to TradeWinds, South Korean shipowner Woolim Shipping is restarting its fleet renewal program with three new vessels and has already placed orders for new ships with South Korean shipyards.
Specifically, Woolim Shipping has ordered three 13,000 DWT small product tankers from K Shipbuilding, at a cost of US$30 million per vessel and a total cost of US$90 million, with delivery expected in 2027 and 2028.
Entering 2026, K Shipbuilding has announced at least 4+2 new ships, all of which are 50,000 DWT MR type product tankers, owned by Greek company Venergy Maritime.
Currently, K Shipbuilding is in the process of being sold. In July 2025, the KHI-UAMCO consortium, consisting of South Korean private equity firm KHI and UAMCO, a South Korean non-performing asset management company operated by major South Korean banks, announced the initiation of the sale process for K Shipbuilding.
TPG, the US private equity firm previously reportedly interested in acquiring K Shipbuilding, has withdrawn its acquisition bid. At least three other companies have expressed interest in bidding. However, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), Samsung Heavy Industries, and Hanwha Ocean have not participated in the bidding.
According to available information, K Shipbuilding originated from Dongjo Shipbuilding Industry, founded in 1967, formerly known as STX Shipbuilding & Offshore Engineering. After being acquired by the STX Group and renamed STX Shipbuilding & Offshore Engineering in 2001, it once grew into the world’s fourth-largest shipbuilding company. However, following the outbreak of the 2008 financial crisis, STX Shipbuilding & Offshore Engineering suffered a severe blow due to cash flow constraints caused by the continued downturn in the global shipbuilding industry, as well as its previous overexpansion of international business.
In 2013, STX Shipbuilding & Marine Engineering began debt restructuring; in 2016, the Seoul Central District Court of South Korea approved STX Marine Engineering’s self-rescue restructuring plan; in July 2017, STX Shipbuilding & Marine Engineering completed its debt restructuring and was able to accept orders normally; in 2018, its creditor, the Korea Development Bank, issued a prepayment guarantee, enabling it to undertake new orders for two chemical/product tankers.
In 2021, STX Shipbuilding & Marine Engineering was acquired by an investment group led by the KHI-UAMCO alliance for 250 billion won, resulting in a 95% stake being acquired and the company being renamed K Shipbuilding. Subsequently, K Shipbuilding’s new management successfully stabilized its production schedule and reduced costs, helping the shipyard, which had previously been in financial difficulties, return to normal operations. It currently primarily focuses on building product tankers.