South Korea’s Pan Ocean has become the latest shipowner to take an interest in the airline industry.

The shipowner has acquired a 5.8% stake in Hanjin Kal, the parent company of flag carrier Korea Air Lines Co, making it the fifth largest shareholder.

The shipowner paid KRW 126bn ($95.4m) for the stake, or KRW 37,715 per share, according to a regulatory filing.