AsiaContainersShipyards

Seoul hands out billions to yards and lines

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

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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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