South Korea to Order 200 Ships in 3 Years

(Image Courtesy: Marine Log)

South Korea’s Ministry of Oceans and Fisheries has revealed plans to buy nearly 200 ships over the next three years with an aim to revive the country’s struggling shipping and shipbuilding industry.

The industry is currently going through a rough patch since Hanjin Shipping’s bankruptcy in 2016.

The newly unveiled plan is part of the Ministry’s mid-term restructuring effort and will involve the construction of 140 bulk carriers and 60 container ships.

It will include 20,000 twenty-foot equivalent units (TEU) mega vessels in addition to eight 140,000 TEU ships.

South Korea Oceans and Fisheries Minister Kim Young-choon was quoted by as saying: “Following the bankruptcy of Hanjin Shipping, sales of South Korea’s shipping industry were cut by over KRW10tn (USD 9.4bn), and the tonnage of the deep sea containers has been cut in half.

“We have prepared a set of comprehensive measures to support the shipping and shipbuilding industries grappling with a protracted slump, intense competition and environmental regulations.”

(Reference: Ship Technology)

Sea News, April 10