State-owned Korea Ocean Business Corporation (KOBC) has, reportedly, signed off on some W6.15trn ($5.4bn) of new funding for the country’s biggest ocean carrier, Hyundai Merchant Marine (HMM) – but much of this cash will be needed to cover continued operations.
KOBC, launched in July this year to support South Korea’s ailing shipping industry, has already supported HMM with a $740m sale-leaseback transaction on 10 of its ships, based on the original value …

The post Anger in Europe as state subsidies for South Korean carrier HMM soar appeared first on The Loadstar.

Source: The Loadstar