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CURRENT ISSUE

BEATING THE PIRATES
What's the best way for a shipowner to avoid having a ship hijacked by pirates?

Reroute the ship even if it means a huge diversion
Stay within recommended safe limits and patrolled areas
Hire an on-board security team
Just hope for the best

October 24, 2008

Hanwa named preferred bidder for Daewoo Shipbuilding

South Korea's Yonhap news agency reports that Korea Development Bank (KDB) has picked chemical and energy-focused Hanwha Group as preferred bidder for a 50.37 percent controlling stake in Daewoo Shipbuilding & Marine Engineering Co., the world's third largest shipbuilder.

KDB plans to sign a final deal with Hanwha within the year, after a three or four-week due diligence process starting early November.

KDB did not reveal the bidding price, but Yonhap reports that some market analysts estimate the value of the stake at over US$5 billion.


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