South Korea’s Dae Sun Shipbuilding & Marine Engineering looks set to have a domestic steel-mill manufacturer as its new major shareholder.

Dae Sun’s major creditor — Export-Import Bank of Korea (Korea Eximbank) — is said to have signed a memorandum of understanding (MOU) with Dongil Steel to sell its stake in the shipyard for KRW 165bn ($150m). The state-owned bank is said to hold about 83% of Dae Sun.

“Korea Keximbank is selling its stakes in Dae Sun for the price of five MR tanker newbuildings,” said a well-placed shipbuilding source.