Daesun Shipbuilding has completed the sale of its Yeongdo shipyard site in Busan to Hanla IMS, closing the transaction on 26 December 2025 for KRW 107.15 billion (reported at about $74 million).

The disposal completes a key step in Daesun Shipbuilding’s two-year creditor-led financial restructuring that began in 2023. The sale process used a “stalking horse” structure, with Hanla IMS selected as the preferred bidder in October 2025 before a subsequent bidding round closed in early December.

Daesun Shipbuilding said it will use the proceeds to repay debt and finalize its restructuring. Going forward, the company plans to consolidate operations at its Dadaepo yard in Busan and shift its business toward ship equipment and fabrication work—such as hull sections and superstructures—supplying larger shipbuilders as a subcontractor. The company has also indicated it may consider a return to shipbuilding in the mid-to-long term.

For Hanla IMS, the Yeongdo acquisition expands its industrial base by growing marine equipment production and related services. The company has previously expanded its footprint through the acquisition of a yard in Gwangyang in 2021 and the commissioning of a 7,000-tonne floating dry dock in 2024.

The deal comes as South Korea’s mid-sized shipbuilding segment has rebounded in recent years due to strong demand and limited berth capacity at the most prominent shipyards, while the number of players has consolidated from more than 20 to four. Besides Daesun Shipbuilding, the remaining mid-sized shipbuilders commonly cited are Daehan Shipbuilding, HJ Shipbuilding, and K Shipbuilding. Reports also indicate K Shipbuilding is progressing through a sale process led by its controlling investors.