Singapore to support the country's ailing offshore industry

The collapse of South Korea's Hanjin Shipping illustrates how governments will not always save vital companies or industries. But since the company's collapse, many Asian countries have announced large-scale aid programs for their maritime sectors. Singapore now joins the trend.
Photo: Hyundai Merchant Marine
Photo: Hyundai Merchant Marine

If any good came from the collapse of the world's seventh-largest container carrier, it was that free market forces were finally allowed to unfold in the maritime world's key industries. This is the conclusion since Hanjin Shipping's surprise announce in August that the carrier would enter recievership. South Korea's government was no longer interested in being involved, and the carrier has since worked to sell assets in an effort to generate as much money as possible for creditors.

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