South Korean shipbuilding major Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering (DSME), is to expand its shipyard on the back of bumper profits and a lengthy orderbook stretching deep into the end of the decade. Hanwha Ocean delivered a 388% surge in first-quarter operating profit, while announcing yesterday plans to spend KRW600bn to boost production capacity, including a new floating drydock and crane, joining other Korean major yards in expanding output. In related news, state-run Korea Development Bank (KDB) announced it will be selling part of its stake in Hanwha Ocean. The sale also marks 25 years since it first acquired shares in the shipbuilder’s predecessor, Daewoo Heavy Industries, through a debt-to-equity swap in 2000. The KDB said the aim will be to eventually dispose of its remaining shares entirely. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsSouth Korea