The South Korean government Monday held a cabinet meeting and decided to invest KRW 1.35 trillion (USD$1.2 billion) in Korea Maritime Promotion Corporation (KNOC) in an effort to support the country’s maritime industry.
It plans to redistribute government stocks of 12.7% in each of the country’s four port authorities – Busan, Ulsan, Incheon, and Yeosu Gwangyang – under KNOC to reach the 1.35 trillion investment.
The redistribution of government stocks will allow KNOC to secure most of the initial capital required for its start up.
KNOC was formed on July 5 with an initial capital of KRW 3.1 trillion, consisting of KRW 1.55 trillion in private capital and KRW 1.55 trillion in government subsidies.
The company is involved in ship and maritime finance operations, commissioning of eco-friendly vessels to replace the aging national fleet, and the implementation of a national shipping system.
“The existing business capital of the private sector (KRW 1.550 trillion) will be inherited after evaluation,” said a statement from the Korean Ministry of Maritime Affairs and Fisheries.
“Based on this, KNOC is expected to effectively carry out the role of the corporation, such as shipping finance and shipping policy support.
“In particular, it is expected that the government will speedily implement financial programs such as 'support for the expansion of shipping vessels', which will concentrate its capabilities on the five-year plan for reconstruction of shipping lines.”
KNOC plans to support the ordering of more than 200 vessels including 20 mega container ships by 2020.
Published: 26 July, 2018
Tan Chong Han joins the Singapore-based bunker trading outfit with immediate effect.
Lighthouse Winmore and P-Pioneer, earlier involved in STS activities, have been released.
Exclusive provider of marine fuel at its Enterprise Hydrocarbons Terminal on Houston Ship Channel.
Sonnich Thomsen, the former Head of Asia at Minerva Bunkers, joins Singapore’s largest domicile bunker trading house.
Ecuadorian reliance on imports and lack of local LSFO refiners could keep Ecuador’s prices less competitive.
Ceylon Petroleum Corporation to receive bunkering permit, while government plans oil tank farm repairs.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.
‘We will now take the necessary time to consider and evaluate the verdict and the premises of the verdict thoroughly before making any decision of whether to appeal to a higher court,’ informs company.
