Daewoo Shipbuilding for Sale?

Maritime Activity Reports, Inc.

December 23, 2005

South Korea intends to sell a controlling stake in Daewoo Shipbuilding and Marine Engineering, currently valued at 2.5 billion, in the second half of 2006, according to a Reuters report.

State-run Korea Development Bank (KDB) and government restructuring agency KAMCO own a combined 50.6 percent stake in the world's second-biggest shipbuilder.

KDB, which is managing the sale on behalf of other creditors, has recently named JP Morgan as a lead manager for the deal.

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