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The country intends to enter the top 8 shipbuilders in the world's naval sector, generating manpower and heating up the economy
Hanjin's bankruptcy left the sector in shock and has led to a series of measures by the South Korean Government so that the scenario is not repeated with other companies in the country. This time, a plan was announced that aims to order 200 ships over the next three years, which aims to revitalize the shipping industry but also shipbuilding. The mega-order is part of South Korea's restructuring plan for its shipping and shipbuilding industries, led by the Minister of Oceans and Fisheries. It will consist of 140 bulk carriers and 60 container ships – including mega-ships with 20.000 and 14.000 TEUs.
“After the bankruptcy of Hanjin Shipping, sales in South Korea's shipping industry suffered a 10 trillion Won drop, and the tonnage of deep sea container ships was halved,” admits the Minister of South Oceans. Kim Young-choon, adding: "We have prepared a set of comprehensive measures to support the shipping and shipbuilding industries, which are facing a prolonged recession, intense competition and environmental regulations".
New units will make HMM climb in the table
It should be noted that South Korea's largest maritime container carrier, Hyundai Merchant Marine Co. (HMM), currently has a fleet with a capacity of 340.000 TEUs (owned and chartered), making it the 12th largest operator in the world (already counting ONE as the sole operator). The Minister of Oceans admits that deliveries of container ships to HMM will all be made by 2020, raising the company's capacity to around 1 million TEU, which will place it in the world's top-8.
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South Korea also wants to revitalize the shipping industry
The South Korean shipbuilding industry has also faced recent losses and the local government intends to reverse the situation. In addition to these orders, the Minister for the Oceans is planning a series of mergers and partnerships between smaller shipyards in order to increase their competitiveness. It is also, on the other hand, looking for a new 'owner' for Daewoo Shipbuilding & Marine Engineering Co., which has recorded heavy losses in recent times.
Source: Cargo Magazine (Portugal)
