The Korean group was the sole bidder on Tuesday for the restructured shipowner, which put itself up for sale in October after completing a court-led bankruptcy process.

Investment banking sources cited by the Yonhap news agency said Pan Ocean had been priced at about $968m.

Other potential bidders did not make an offer in the final round, they added.

These included the KKR fund, shipowner KLC, Deutsche Securities Korea and Korea Investment Partners.

The