STX Offshore & Shipbuilding, the South Korean shipbuilder that has experienced financial problems for a long time, has filed for receivership in Seoul, media reports say.

The company owns 67% of the shares in STX France, the cruise ship builder. The French government owns the rest. STX France has a large orderbook of cruise ships from MSC Cruises and Royal Caribbean Cruises, Limited (RCCL).

In view of Cruise Business Online, the future of the French cruise ship builder should be secure despite the uncertain prospects that face its principal shareholder. There are at least two reasons for this.

The first one is that STX France has a healthy orderbook. By contrast, many of the businesses STX Offshore & Shipbuilding is engaged elsewhere have experienced a sharp fall in orders since the outbreak of the financial crisis.

Secondly, the STX France yard in St Nazaire is the only major shipbuilding facility left in the country that is capable of building large naval ships. The French government maintains a substantial navy that currently has e.g. one aircraft carrier and three helicopter carrier/ amphibious assault ships.

The government is currently facing violent opposition to planned new labour market laws and any concern around the future of STX France would only add to its problems.