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Seoul creates $4.4bn company to aid maritime turnaround

Seoul creates $4.4bn company to aid maritime turnaround

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In the ongoing resuscitation of the nation’s ailing shipping and shipbuilding sectors, South Korea’s Ministry of Oceans and Fisheries is forming a KRW 5trn ($4.4bn) company to support a maritime turnaround in fortunes.

News of the company, to launch in June next year, comes a week ahead of the first anniversary of the collapse of Hanjin Shipping, South Korea’s erstwhile flag carrier.

The new company will provide refund guarantees for around 30 small and medium sized yards, as well as monitoring turnarounds at struggling shipping and shipbuilding companies.

“The plan is to support small and medium-sized shipbuilders facing difficulties getting a refund guarantee despite landing orders,” Kim Dong-yeon, the finance minister, said.

“Until the industry recovers, financial policy will work as a supplementary tool for the market,” Kim added.

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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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