Korea Asset Management Corporation Acquires 100th Vessel with 36.9 Billion KRW Investment
$28.8 Million of Own Resources Invested... Fund Established to Acquire Janggeum Maritime Vessels
On the 13th, Kwon Nam-ju, CEO of KAMCO (right), and Kim Nam-deok, CEO of Janggeum Maritime, are taking a commemorative photo after the ship acquisition signing ceremony at KAMCO Yangjae Tower in Gangnam-gu, Seoul. (Photo by KAMCO)
View original image[Asia Economy Reporter Minwoo Lee] Korea Asset Management Corporation (KAMCO) has acquired its 100th vessel through the KAMCO Ship Fund.
KAMCO announced on the 16th that it held a signing ceremony for the acquisition of the 100th vessel at the KAMCO Yangjae Tower in Gangnam-gu, Seoul on the 13th.
For this vessel acquisition, KAMCO invested $28.8 million (approximately 36.9 billion KRW) of its own funds to create a $48 million ship fund to acquire vessels owned by Janggeum Maritime. Accordingly, Janggeum Maritime secures liquidity by continuing to use the vessels through a sale and bareboat charter hire purchase (BBCHP) contract with KAMCO. BBCHP is a method where a shipping company sells a vessel, then re-charters it, repays existing loans, and later repurchases the vessel.
Since 2015, KAMCO has created ship funds totaling 2.7 trillion KRW to provide liquidity to domestic shipping companies. Since last year, it launched the KAMCO Newbuilding Fund worth 206.7 billion KRW (Korea Tonnage Newbuilding Fund 1-2) to support the construction of two eco-friendly and high-efficiency vessels. Through this, it has significantly contributed not only to securing and maintaining fleets for domestic shipping companies and promoting ESG (Environmental, Social, and Governance) management but also to strengthening the competitiveness of the shipping industry.
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Kwon Nam-joo, President of KAMCO, said, "We have acquired a total of 100 vessels from 23 shipping companies so far, playing a vital role as a catalyst in the tightened ship finance market. We will continue to support the elimination of blind spots in ship finance and the swift normalization of shipping companies’ management, thereby greatly contributing to the government’s policy for advancing Korea as a leading maritime nation."
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