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Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipyard operator, said it will invest 46 billion won ($44 million) in a South Korean shipping venture to buy more oil tankers. The stake in DK Maritime SA, the venture with Korea Line Corp., will remain at 50 percent, Seoul-based Daewoo Shipbuilding said in a filing yesterday, without giving order details. Korea Line, South Korea's second-biggest operator of bulk ships, will invest 46.7 billion won in the unit, it said in a separate filing yesterday.
Daewoo Shipbuilding is diversifying to reduce its dependency on vessel building. The company started shipping oil through another venture in Nigeria last month and will develop a port city in Oman, its first foray into real estate.
DK Maritime started in April to initially operate two Very Large Crude Carriers from 2011. The venture plans to order more VLCCs, the largest carriers, Daewoo Shipbuilding said, without giving details.
Daewoo Shipbuilding gained 1.4 percent to close at 43,100 won in Seoul. The stock has dropped 16 percent this year, compared with a 9.8 percent decline in South Korea's Kospi index. Korea Line dropped 3.2 percent to 181,500 won.