While in a crisis, stick to the guns you know. In South Korea that means state aid of $32bn is on its way to key industries. It remains a mystery though why only $382m is heading for the books of HMM. Are they propped up in abundance already? $382m is equal to the price of just over two record-breaking ships.

The Korean flagship carrier has just taken delivery of HMM Algeciras (pictured), the first 23,964 teu ship, and it will be joined by 11 sisters before the end of this year. Holding 1,90...