Daedong shipbuilding to settle M&A by end of next month

Daedong Shipbuilding, which has been under court receivership since 1997, may experience mergers and acquisitions (M&A) at the end of next month.

An official at Daedong Shipbuilding said, "Five or six domestic and overseas shipbuilding companies are inspecting shipyards in Jinhae and Pusan." However, decisions are expected by the end or middle of next month.

Hanjin Heavy Industries as well as shipbuilding companies from China and Singapore are involved in the Daedong M&As proceedings.

Meanwhile, Daedong shipbuilding recently concluded orders from Monaco and Italy for eight petrochemical carriers last May by receiving an Advance Payment Bond from the Korea Export Insurance Corp.