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Media: South Korea's government to create shipping bank

In an effort to increase competitiveness, the South Korean government will establish a shipping bank under the name "Korea Shipping Company" with a budget of close to a billion dollars.

Photo: PR-foto/Hanjin Shipping

The government in South Korea plans to establish a shipping bank before the end of this month as part of its plan to strengthen South Korea's competitiveness in the international market for shipping and port logistics, reports Business Korea.

As such, South Korea's ministry of ocean and fisheries is working to create "Korea Shipping Company" at a value of USD 835.77 million. The company will serve as a shipping bank and purchase vessels from shipping companies with weak financial structures as well as lease the vessels back to the companies.

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