View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
January 12, 2010

Korea to Invest in Vessels

The Korea Development Bank (KDB) and Korea Asset Management Corporation (KAMCO) are planning to buy nearly 70 ships in 2010, in an effort to help restructure marine companies. The restructuring fund, worth KRW10tn ($8.9bn), will be injected to take over bad loans of financial companies

By cms admin

The Korea Development Bank (KDB) and Korea Asset Management Corporation (Kamco) are planning to buy nearly 70 ships in 2010, in an effort to help restructure marine companies.

The restructuring fund, worth KRW10tn ($8.9bn), will be injected to take over bad loans of financial companies and assets of companies to be restructured.

According to industry experts, KDB is planning to buy nearly 40 vessels in 2010 starting with five-vessel acquisitions this month, reports asiasis.com.

KAMCO will also buy nearly 29 vessels of which sale has been asked for by ship owners, after having bought 18 vessels last year through a ship fund.

The sale of Korean companies such as Daewoo International, Hynix Semiconductor, Daewoo Shipbuilding & Marine Engineering and Hyundai Engineering & Construction will proceed early this year.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Ship Technology