Zodiac Maritime Agencies Ltd. is reportedly looking to acquire 36.8% stake in STX Pan Ocean Co., Ltd., industry sources said. Zodiac Maritime has emerged as one of the potential overseas candidates to acquire the stake from STX Corp., STX Offshore & Shipbuilding Co., Ltd., STX Engine Co., Ltd. and some of its executives, including STX's Chairman, Kang Duk-soo. The parties are reportedly holding talks in Singapore.

STX disclosed via regulatory filing that it was in talks with a strategic buyer, and told the media that potential overseas buyers have shown more interest in Pan Ocean than domestic companies. STX said that nothing had been decided yet, adding that no companies have yet expressed interest in acquiring Pan Ocean. The Korea Herald reported that Zodiac's Shanghai office could not be reached for comment.