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South Korea's billion dollar aid to strained shipping companies faces harsh criticism: "The last thing we need"

It is "very worrying" that South Korea plans to help the country's shipping companies with USD 1 billion, says Danish Shipping, which fears that this could lead to further overcapacity in an already strained market. South Korea's biggest shipping line rejects this criticism.

"The last thing we need in the current economic situation is artificial state stimulated overcapacity of ships in the commercial fleet," says Jacob K. Clasen, director of business policy at Danish Shipping. | Photo: PR / Danske Rederier

South Korea's decision to send USD 1 billion to the country's shipping sector, which is under pressure from the coronavirus, is met with criticism.

Interest group Danish Shipping, which represents Danish shipowners, is worried about South Korea's plans and fears that it could lead to addiitional overcapacity in the market.

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