Korean shipping companies will benefit from an ‘eco-ship fund’ worth USD $976 million Korea Eximbank (Kexim) plans to launch so as to boost domestic shipping companies in switching to green technology.
The fund is expected to open for business this November, with the contribution from the South Korean state bank with 25% oand institutional investors with the remaining 75%.
“The scheme will benefit mid-sized shippers like Sinokor Marchant Marine and Polaris Shipping as well as large ones such as Hanjin Shipping and Hyundai Merchant Marine. Given most new ship orders commissioned by domestic shipping companies go to mid-sized shipbuilders, it would also impact the shipbuilding industry positively,” Kexim official said.
World Maritime News Staff, July 31, 2014; Image: Polaris Shipping