South Korea's Ministry of Oceans and Fisheries has announced it will be restructuring the country’s shipbuilding and shipping sector, including building 200 commercial vessels.
"Following the bankruptcy of Hanjin Shipping, sales of South Korea's shipping industry were cut by over 10 trillion won, and the tonnage of the deep sea containers has been cut in half," said Oceans Minister, Kim Young.
"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."
The minister confirmed that the Ministry will help build 140 bulkers and 60 containerships. In addition to this, the organisation plans to assist local shipbuilders stay afloat, replacing orders for 40 public purpose ships, such as military vessels and patrol ships, worth 5.5 trillion won, by 2019.
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