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South Korean shipping companies apply for state lease scheme

11 small and medium-sized shipping companies have applied to the country's government for a state aid scheme in which the state buys ships and leases them back to the shipping companies again, reports Yonhap. The applications pertain ships for a triple-digit million dollar figure, according to the media.

Photo: /ritzau/Marius Nyheim

A series of South Korean shipping companies have applied to the country's government for state aid through a support scheme in which the country buys ships and then leases them back to shipping companies.

According to news agency Yonhap, 11 small and medium-sized shipping companies have submitted applications for the country's Ministry of Oceans and Fisheries for a sale and lease back program, which is part of South Korea's liquidity support scheme. With the sale and lease back scheme, the state will buy the ships from the shipping companies, which then lease them back again right away.

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