SEOUL, KOREA - The Korea Deposit Insurance Corp. has earned 47 billion won from disposing of three bulk carriers. According to investment banking sources on January 5, the state-run deposit insurance corporation sold off three 80,000-ton bulk carriers formerly owned by Busan Savings Bank to a Greek shipowner.

 

The vessels were part of the seven ships held by Busan Savings Bank (currently Yesol Savings Bank) through a special-purpose corporation. Up until now the savings bank has been collecting lease income from Oldendorf Carriers, a German shipping company. The deposit insurance corporation plans to sell the remaining four ships.

 

An investment banker close to the deal said, "All the four ships, built after 2005, are valued about 50-60 billion won each. The corporation is currently in talks with potential buyers to sell them."