eBiztruss News

“Masan Goliath” Sold in Bargain Price to Romania

Masan Goliath

A 700-ton large gantry crane at Sungdong Heavy Industries’ Masan Shipyard in Changwon, South Gyeongsang Province, was sold to a shipyard in Romania. 

 

This indicates that the Korean version of the “Tears of Malmo” situation is happening here and there in Korea as the nation’s major shipyards mired in a prolonged order drought are selling their production facilities at bargain prices. 

 

The Tears of Malmo originated from a situation where a large crane at the Swedish shipyard Malmo was sold at a price of $1 to Hyundai Heavy Industries back in 2002. Since then, the Tears of Malmo has become a symbolic term describing the collapse of the Swedish shipbuilding industry. 

 

According to industry sources on December 19, the 700-ton Masan goliath crane which was used to move blocks at Masan Shipyard will be scrapped and sent to a Romanian shipyard by the end of this year. 

 

Sources close to the situation said, “A local demolition firm purchased the crane and resold it to a Romanian shipyard. The sales price was no better than the price of scrap iron.”

The Original Posted by enews@hankyung.com

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top
Skip to toolbar