Yeosu City Supports Shipping Companies Introducing Passenger Ships on the 'Yeosu~Geomun Route'

10 Years of Depreciation or Ship Purchase Loan Interest Support

Route Stabilization Expected Through Attraction of Reputable Shipping Companies

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Yeosu City, Jeollanam-do announced on the 1st that it will start supporting shipping companies that introduce newly built passenger ships to stabilize the ‘Yeosu~Geomun Route,’ which has been causing inconvenience to island residents due to only one round trip operation per day.

The ‘Yeosu~Geomun Route’ had two shipping companies operating passenger ships since February last year, but one company went out of business in October, causing inconvenience to island residents. The currently operating vessel is also over 28 years old, raising safety concerns.

Accordingly, the city revised the 「Yeosu City Passenger Ship Operation Support Ordinance」 earlier this year to establish support items for securing newly built passenger ships for the ‘Yeosu~Geomun Route.’

The revised ordinance includes provisions to support excellent shipping companies operating on the ‘Yeosu~Geomun Route’ by subsidizing depreciation costs or part of the interest on ship purchase loans for 10 years.

The support conditions require meeting all three criteria: ▲holding a license for domestic regular passenger transport business ▲being able to newly build and operate a passenger ship of appropriate size for the route ▲being able to immediately introduce a substitute passenger ship in case of suspension of operation due to ship repairs, etc.

The city plans to negotiate with the Yeosu Regional Maritime Affairs and Fisheries Office to include these support details in the licensing conditions for new passenger transport operators on the ‘Yeosu~Geomun Route’ to attract excellent shipping companies and stabilize the route.

A city official said, “We will strive to ensure stable operation of passenger ships to guarantee the mobility rights of island residents and revitalize the island economy due to increased visitors,” adding, “We look forward to applications from excellent shipping companies when new passenger transport operators are recruited.”

Yeosu = Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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