Hyundai Heavy given go-ahead to take over DSME

Hyundai Heavy given go-ahead to take over DSME

The state-run Korea Development Bank, the largest shareholder of Daewoo Shipbuilding and Marine Engineering (DSME), has signed a conditional deal with Hyundai Heavy Industries (HHI) to sell a 55.7% controlling stake in the yard, creating shipping’s first real ‘Boeing’ when it comes to ship construction.

Combined the two yards – which according to Clarkson data ranked number one and two in the world last year – have an orderbook of around 180 ships, and have 16 drydocks capable of building the most advanced ships in the world.

The deal is not concluded however as KDB stated it would approach the country’s number three yard, Samsung Heavy Industries, to see if it wanted to take over DSME.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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