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KAMCO to take control of 20 Korean ships

KAMCO to take control of 20 Korean ships

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South Korea’s debt clearing house Korea Asset Management Corp (KAMCO) will take control of 20 ships worth KRW390bn ($344m) owned by six local lines.

KAMCO will sign a contract to acquire the ships – a mix of containerships and bulk carriers – from SM Line, Korea Shipping, Korea Line, Namsung Shipping, Dooyang and Pan Ocean next week. Ten of the ships were previously owned by defunct Hanjin Shipping.

The ships will then be leased back to the six lines via 20 special purpose companies. The move is one of many from Seoul designed to help improve the bottom lines among South Korea’s battered shipowning community.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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