The Singapore-listed owner said it was issuing another 757,844 shares at KRW 10,000 each as it settles claims arising from its recent bankruptcy.

The stock is worth KRW 7.57bn ($6.86m), but is only a small part of its enlarged capital, which stands at around 228.5m shares.

Merrill Lynch was awarded 595,000 shares, while other companies including Strategic Bulk Carriers gained much smaller stakes.