KAMCO Supports Construction of 300,000-ton Ultra-Large Oil Tanker with $180 Million

Government's 'Support Measures for Corporate Asset Sales'
Also Expanding ESG Management in Line with Global Environmental Regulations

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) announced on the 1st that it has signed a new ship financing contract worth 180 million dollars.

On the same day, KAMCO signed a ship financing contract with Pan Ocean at its Seoul office in Yeoksam-dong, Gangnam-gu, Seoul, to establish the "Korea Tonnage Newbuild No. 1-2 Fund" and decided to support the construction of two new 300,000-ton ultra-large crude oil tankers.

This contract is part of the government's "Corporate Asset Sale Support Plan." Since 2015, KAMCO has established ship funds worth 2.0483 trillion won, supporting mid-sized and small shipping companies by acquiring 80 secondhand ships and providing 1.1881 trillion won in support. This is the first time KAMCO has led support for new shipbuilding. KAMCO will invest 122.92 million dollars, which is 70% of the newbuilding price, to create a total ship fund worth 175.6 million dollars.

KAMCO plans to support the construction of eco-friendly and high-efficiency ships in response to strengthened global environmental regulations, thereby backing the government's Green New Deal policy. It also emphasized that it will contribute to expanding ESG (Environmental, Social, and Governance) management of shipping companies, promoting mutual growth between shipping and shipbuilding industries, and creating jobs.

Moon Sung-yoo, President of KAMCO, said, "We expect ship financing for newbuild ships to be revitalized with this contract signing," and added, "KAMCO will continue to strengthen support for domestic shipping companies to enhance competitiveness by responding to global environmental regulations and reorganizing eco-friendly fleets in the domestic shipping industry."

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