Seoul launches $1.2bn ship investment scheme

Seoul launches $1.2bn ship investment scheme

The government of South Korea has come to the aid of the nation’s struggling shipping lines, launching a $1.2bn ship investment fund.

Local shipowners will be supported by the Korea Trade Insurance Corp and the Korea Maritime Guarantee Insurance Co when buying and selling vessels, according to statements from Seoul.

Local financial companies and state-run policy lenders including the Korea Development Bank will participate in the $1.2bn fund.

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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