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.



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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