Seoul readies another $1.5bn to salvage nation’s struggling yards

Seoul readies another $1.5bn to salvage nation’s struggling yards

In a move likely to further infuriate rivals such as Japan and Germany, the South Korean government today unveiled a $1.5bn package to help the country’s struggling small and mid-sized shipyards, many of which have been decimated this decade.

Seoul put in place today plans to get 140 LNG-fuelled vessels ordered across the nation’s smaller yards by 2025.

Japan has recently taken neighbour South Korea to the World Trade Organization over its state aid dished out to its largest shipbuilders, a move that has garnered strong support from German shipyards.

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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