AsiaFinance and Insurance
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.