이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
A new Korean govt shipping entity to fund over $515 mn to Hyundai Merchant Marine
- Collected
- 2017.01.25
- Distributed
- 2017.01.31
- Source
- Go Direct
The new entity launched on Tuesday on initial paid-in capital of 1 trillion won in a slew of government programs to revive the sinking shipping and shipbuilding industry after the country’s largest liner Hanjin Shipping was placed under court receivership and shipbuilding majors ran into liquidity troubles amid depressed global demand. HMM also under state bank management is being groomed to take the place of Hanjin Shipping.
“We are coordinating the funding plan upon specific support request from HMM. The rest would spread out to other shippers,” a government official said on condition of anonymity.
The new entity in which 90 percent of the initial capital would come from state lenders Korea Development Bank and the Export-Import Bank of Korea and the remainder from the country’s debt clearing house Korea Asset Management Corp. (KAMCO) is designed to assist strengthening of local shippers against protracted industrial slowdown. It will act as a tonnage bank by buying vessels and assets from liquidity-short shippers at market price and lease them back.
Korea Ship will pay for the difference when it will buy vessels owned by HMM at a market price and lease them to HMM at a cheaper price. It will also buy bonds issued by HMM.
By Kim Jung-hwan and Noh Seung-hwan
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]