The redrawn Korean shipbuilding map is set for more changes with two mid-sized names joining forces.
After a local steel mill pulled out of the running last week, Korean private equity form KH Investment has been given the green light by creditors to take over Daehan Shipbuilding.
KN Investment also bought out STX Offshore & Shipbuilding last year, rebranding it K Shipbuilding.
Over the past decade the number of Korean shipbuilders has contracted considerably with many yards merging or going bust. One other merger that has been put on the back-burner this month is between Daewoo Shipbuilding & Marine Engineering (DSME) and Hyundai Heavy Industries (HHI), with the European Commission ruling against it, claiming the move would create a dominant construction force in the liquefied natural gas carrier market.