Overview of Sungdong: Founded in 2001, Sungdong is the world’s ninth largestshipbuilder in terms of order backlog, which stands at 1.86m CGT and consists of productcarriers (52%), crude oil carriers (18%), and bulk carriers (30%) according to Clarkson data. In2013, the firm delivered an 8,800-TEU containership and an FSO. Sustained losses followingthe global financial crisis resulted in capital impairment, and the firm’s debt exceeded itsassets by KRW1.2t at end-2014. With a 71% stake, Kexim Bank is the largest shareholder.