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.