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THE INVESTOR

Industrials

Gov’t to set up ship financing firm

  • PUBLISHED :January 06, 2017 - 10:17
  • UPDATED :January 06, 2017 - 10:27
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[THE INVESTOR] A state-backed ship financing firm will be founded this month with initial capital of 1 trillion won (US$845 million) to support the ailing industry, the Ministry of Oceans and Fisheries said on Jan. 6.

Under the plan, the firm will be given a total of 6.5 trillion won to help local shipping firms buy new vessels, the ministry said in its policy report to Acting President and Prime Minister Hwang Kyo-ahn.

The measures aim to support local shipping firms, as well as shipbuilders, struggling with falling new orders and mounting losses.

The state-backed firm, tentatively named Korea Shipping, is tasked with taking over container ships from ailing shipping companies and leasing them back to the shippers to help such companies stay afloat.

(theinvestor@heraldcorp.com)
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