'2nd Anniversary' Korea Ocean Business Corporation Supports 50 Shipping Companies with 4.2593 Trillion Won

[Sejong=Asia Economy Reporter Joo Sang-don] The Korea Maritime Promotion Corporation has supported 50 shipping companies with a total of 4.2593 trillion KRW over the past two years. On the 6th, the corporation announced that it shared these major achievements and held a communication event attended by labor-management council worker representatives and others.

The corporation was launched in Busan on July 5, 2018, under the Korea Maritime Promotion Corporation Act, marking its second anniversary. Its purpose is to "strengthen Korea's shipping competitiveness by supporting stable vessel acquisition and liquidity for shipping companies to enhance the competitiveness of the shipping industry, and providing services necessary for the growth of the shipping industry."

Since its establishment, the corporation has comprehensively carried out various shipping support functions included in the five-year shipping reconstruction plan to provide comprehensive support for the shipping industry. To date, it has supported 32 shipping companies with 1.7574 trillion KRW through investment and guarantee projects for vessels, special guarantees for eco-friendly equipment upgrades, and scrapping subsidy projects to secure a competitive fleet. Additionally, it has supported 24 shipping companies with 2.5019 trillion KRW through ship acquisition and resale (S&LB) projects, structural improvement support, container box leasing projects, and investments in port terminals and logistics businesses. Considering six companies that received overlapping support, a total of 50 shipping companies have received 4.2593 trillion KRW in support.

Furthermore, since May, the corporation has established six liquidity supply programs and provided about 200 billion KRW to stabilize the management of shipping companies amid the prolonged COVID-19 pandemic. In addition to supporting shipping reconstruction, it also serves as a safety net for the shipping industry. It provides various shipping knowledge and information services such as shipping market reports and vessel value assessments, along with government-commissioned projects like workforce development and the Excellent Shipper Certification System.

Hwang Ho-seon, president of the Korea Maritime Promotion Corporation, said in his commemorative speech, "Over the past two years, all employees have worked together to normalize the management of national deep-sea shipping companies and promote shipping reconstruction." He urged the staff to "approach their work from the perspective of the shipping industry as a specialized comprehensive support institution and to make greater efforts for the development of the shipping industry."

Meanwhile, on the 7th and 9th, the corporation plans to hold management advisory committee meetings composed of external experts from the shipping industry, related business and organizations, and academia at its Busan headquarters and Seoul office to discuss the progress of shipping reconstruction and plans for the corporation's development.

This content was produced with the assistance of AI translation services.