The South Korean government will provide KRW1.25trn ($1.01bn) in emergency funding to the shipping industry, with $382m earmarked for flagship carrier HMM, the Ministry of Oceans and Fisheries announced today.
HMM is about to take delivery of a series of record-breaking ships. The HMM Algeciras is the first of 12 ships that will become the largest boxships afloat with the president of South Korea on hand today for the ship’s naming.
Also receiving handouts from Seoul is the shipbuilding sector – deemed one of seven key industries in the Asian nation that can apply for a new $32.4bn relief fund. Other industries set to get state aid include airlines, the automotive sector, machinery manufacturers, power firms and communications companies.
Photo credit: Vladimir Tonic