Korea to set up support corporation for shipping

At Seoul meeting of the ministers of economic affairs, on 24 August, South Korea’s Ministry of Oceans and Fisheries announced a plan to establish Korea Maritime Promotion Corporation, a support organization for the shipping industry, in Busan, in June 2018, with capital of USD 4.5 billion.

Korea Maritime Promotion Corporation is set to offer financial and industrial policy support, in order to reform and upgrade the shipping industry in Korea, in response to the Hanjin Shipping bankruptcy.

The financial support services include investment in and guarantee for vessels and terminals, purchases of secondhand vessels and re-chartering, according to local media.

In addition, it is expected to provide information on market conditions to support agreements on shipping, promote projects to stabilize shipping management, such as the replacement of old vessels, and operate the nation’s essential shipping system to help transport cargoes in emergencies, Business Korea reported.