DSME Enters in South Africa Shipping Business

DSME has entered into the South African shipping business market.

The CEO & President of DSME, Sang-Tae Nam, recently met with South African President, Jacob Zuma to exchange opinions on economic cooperation schemes including the shipping business and agreed to reinforce their mutual cooperation.

At the meeting, President Jacob Zuma asked DSME to share its wealth of experience in various business fields such as shipbuilding, construction, energy, and shipping for the economic development of South Africa.

The CEO of DSME also signed a memorandum of understanding (MOU) with Impinda, which is one of the shipping companies in South Africa that is working to develop South African’s shipping business.

With this recent partnership, DSME will acquire a 49 percent stake in Impinda.

DSME plans to grow this company to be one of the major players in the shipping industry by transporting dry bulk, crude oil, and liquefied natural gas (LNG).

As a part of the contract, DSME will send management and operations experts to help Impinda with shipping contracts and placing orders for new ships, while the South African based personelle under Impinda take care of securing cargo and government permits.

After this MOU is signed, Impinda is set to sign a long-term contract of affreightment (COA) with several major mineral companies in South Africa for the transportation of cargo for a period of five years.

In 2007, DSME also founded a joint shipping venture named NIDAS in Nigeria that was similar in nature.

Source: Daewoo Shipbuilding & Marine Engineering , July 22, 2010

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