While all around it are struggling to get any orders, one South Korean yard is celebrating its first ever ship order. Samkang M&T, previously a block manufacturer, has won a debut ship order for three 6,600dwt chemical tankers from compatriot Woomin Shipping worth a combined US$47m.

The three ships will deliver from the Goseong-headquartered yard in 2018.

Woomin has a track record of seeking out niche, alternative shipyards when it comes to ordering.

In general, South Korean shipbuilders have been going through a period of unprecedented contraction in the past 18 months against the background of the shipping downturn. Samkang's emergence marks the country's first new shipbuilder for more than five years.