South Korea to Inject More Funds in Struggling Shipyards

South Korea plans to spend another KRW 70 billion (USD 60.1 million) to support local shipbuilders’ recovery efforts, the country’s Ministry of Trade, Industry and Energy said.

The financial support would be aimed at helping local shipyards in attracting orders for environmentally friendly vessels, such as LNG-fuelled ships, as they struggle to recover from an industry wide slump.

The latest development is a follow-up to a major funding, revealed in November 2018, for the South Korean shipbuilding industry.

At the time, South Korea said that it would create KRW 1.7 trillion (USD 1.46 billion) fund to support shipbuilders.

Additionally, the country would invest KRW 2.8 trillion (USD 2.4 billion) in infrastructure, a move which could see a total of 140 LNG-fuelled vessels ordered at the yards by 2025.

World Maritime News Staff