Korea Ocean Business Corporation officially launched

The Korea Ocean Business Corporation (KOBC), a state-run entity aimed at supporting the local shipping and shipbuilding industry, has been officially launched in Busan today.

The government proposed to establish the entity last year to help revive the nation’s slumping maritime industry. The company’s roles include investing in new ships, providing payment guarantees for shipbuilding orders, purchasing and chartering seconhand vessels, providing market information to shippers, supporting shipping companies to replace old vessels and implementing major shipping mechanism in emergency cases.

The initial registered capital of the company is KRW3.1 trillion ($2.77bn).

Hwang Ho-seon, a former professor of Pukyong National University, has been appointed as the inaugural CEO of the KOBC.

In June, KOBC announced plans to allocate a first round of around $251m to support the fleet renewal programs of domestic owners.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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