Samkang M&T to build $400m shipyard in Iran

While all around it are struggling to get any orders, one South Korean yard is storming ahead with the best year in its history. Samkang M&T, previously a block manufacturer, last month won a debut ship order for three 6,600 dwt chemical tankers from compatriot Woomin Shipping worth a combined $47m.

On top of that it has just won its biggest contract ever. Samkang M&T has just signed a KRW 445bn ($400m) contract with Iranian shipbuilder Iran Shipbuilding & Offshore Industries Complex Co (ISOICO). Samkang M&T will build a whole new shipyard in Iran for ISOICO by September 2019.

South Korean manufacturing companies have been vying for plenty of Iranian business this year in the wake of sanctions being lifted on Iran.