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.