Seoul: South Korea's Daewoo Shipbuilding & Marine Engineering (DSME), one of the leading shipbuilders in the nation, is to enter into the shipping business in South Africa. According to DSME on Wednesday, the CEO and President of DSME Nam Sang-tae met with South Africa's President Jacob Zuma, and exchanged opinions on economic cooperation including the shipping business. They agreed to build a long-term cooperative relationship. ?At the meeting, President Jacob Zuma called for DSME to actively participate in various businesses such as shipping, shipbuilding, construction and energy for the economic development of South Africa, while the CEO of DSME requested for an active cooperation from the South African government. ?Nam signed a Memorandum of Understanding (MOU) with a South Africa-based shipping company Impinda for business tie-ups in the shipping business. Under the deal, DSME will acquire a 49% stake in Impinda. ?DSME, through joint management with Impinda, plans to be in charge of transportation of dry cargo, crude oil and Liquefied Natural Gas (LNG). ?Afterwards, Impinda will sign a Contract of Affreightment (COA) with major minerals companies in South Africa for the transportation of cargoes for a period over five years. ?The South Korean based shipbuilder successfully solidified its position in the African market upon signing the MOU. ?Previously, DSME established a joint venture, which specializes in shipping, named Nidas in Nigeria in 2007. [15/07/10]
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