Daesun Shipbuilding, a mid-sized South Korean shipbuilder, has sold its shipyard in Yeongdo, Busan, to marine equipment manufacturer Hanla IMS.
According to South Korean media reports, on December 26, Daesun Shipbuilding signed an agreement with Hanla IMS to sell its Yeongdo Shipyard for a total transaction price of 107.15 billion won (approximately $74 million).
It is understood that Daesun Shipbuilding’s plan to sell its Yeongdo shipyard has been in the works for over two years, formally entering the execution phase this September. In October, Daesun Shipbuilding’s creditors’ committee selected Hanla IMS as the preferred negotiating party for the Yeongdo shipyard site, subsequently proceeding with a public bidding process using the “stalking horse bidder” approach (i.e., designating a conditional investment intent party).
Following the completion of this sale, Daesun Shipbuilding plans to use the proceeds to repay debt and improve its financial structure. This move comes as Daesun Shipbuilding initiated debt restructuring procedures after recording a loss of 160 billion won in 2023.
Subsequently, Daesun Shipbuilding’s business performance improved, achieving operating revenue of 322.5 billion won in 2024—a 17.1% year-on-year increase—while reducing losses to 5.5 billion won. In the first half of 2025, the company recorded operating revenue of 132 billion won and an operating profit of 2.8 billion won, successfully turning a profit.
Regarding this transaction, Hanla IMS stated that the acquisition of Yeongdo Shipyard aims to secure site resources for further expansion of its ship maintenance, repair, and overhaul (MRO) business. From a geographical perspective, while commercial districts have developed around the Yeongdo Shipyard site, the continued operation of neighboring shipyards makes real estate development and sale unlikely. This implies that preserving the shipyard’s existing shipbuilding capabilities is a key consideration for the acquirer—a factor that aligns perfectly with Hanla IMS’s acquisition objectives.
Following the successful sale of the Yeongdo shipyard, Daesun Shipbuilding plans to consolidate its shipbuilding facilities at the Dadaepo shipyard in Busan to normalize its operations. In the short term, the shipyard will primarily focus on manufacturing ship equipment, hull sections, and superstructures; in the medium to long term, it plans to further expand its business scope by undertaking commissioned shipbuilding projects.