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South Korea unveils financial boost for smaller shipbuilders

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
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

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