South Korea Unveils Financial Boost for Smaller Shipbuilders

MoneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

South Korea has prepared another financial boost for its shipbuilding industry with an aim to help small and mid-sized shipbuilders.

According to an announcement released by the government, South Korea plans to create new opportunities for these shipbuilders, worth around KRW 1 trillion (USD 885.3 million), through the promotion of environmentally friendly ships.

The move could see a total of 140 liquefied natural gas (LNG) powered vessels ordered at the yards by 2025, including two next year, Yonhap News Agency reported. The government’s plan also includes an investment of KRW 2.8 trillion (USD 2.47 billion) in infrastructure by 2025, including areas which would support LNG bunkering operations.

Additionally, the government would provide the financially troubled shipbuilders with KRW 700 billion (USD 619.7 million) in new financing and roll over maturing loans and debt guarantees worth KRW 1 trillion by one year.

The measures also include the extension of the period of special state support for employment in the shipbuilding industry by six months to June next year.

World Maritime News Staff

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