AsiaFinance and Insurance
Seoul debt restructuring vehicle anticipates plenty more ship buys in 2016
Korea Asset Management Corp (KAMCO) anticipates it will continue to buy up plenty of ships from locally distressed lines next year.
As of the end of October, the state-run debt restructuring company had purchased 35 vessels from shipping firms, including Hanjin Shipping and Hyundai Merchant Marine, for KRW505.5bn ($434m) since the 2008 financial crisis. KAMCO anticipates at least KRW100bn in ships outlay next year – all of which will be chartered back.
Korean shipping lines have been among the hardest hit in the downturn. SW Shipping, a small bulk player, became the latest to declare bankruptcy last month.