Maeil Business Newspaper reports that the state-run Korea Development Bank of South Korea plans to sell its Hanwha Ocean shares.

The newspaper, without citing any sources, reported that KDB planned to divide its 19,5% stake in the shipbuilder after a bookbuilding on Monday.

After business hours, KDB is not available to comment.

KDB is Hanwha Ocean's second largest shareholder, behind Hanwha Aerospace which holds a stake of 30.4%, according to LSEG. Hanwha Group acquired Daewoo Shipbuilding & Engineering, formerly Daewoo Shipbuilding & Engineering, whose largest shareholder is KDB in a 2022 takeover.

Hanwha Ocean's shares have increased 139% this year, reaching their highest level since July 2015. This is due to the growing hope for cooperation with United States.

Since his election win in November last year, U.S. president Donald Trump has sought to cooperate with South Korean shipbuilders such as Hanwha Ocean which purchased a shipyard last year in Philadelphia.

(source: Reuters)