Taken Down

Samho Shipping has been brought to the brink of bankruptcy by Pirates and a combination of financial difficulties.

Low freight rates, high bunker prices and the costs associated with two piracy attacks have seen the company file for court protection.

Samho, owns 12 chemical tankers and one VLCC. “Samho Jewelry” was captured by pirates on January 15 and freed after Korean commandos stormed the vessel.