Search for the Silver Lining

By Rodricks Wong

The shipping funds established by state-run debt-clearing agency Korea Asset Management Corp (“KAMCO”) and Korea Development Bank (“KDB”) were thrust into the media limelight recently after reigniting concerns over the role of government backed funding in bailing out the industry.

In April 2009, the Korean government announced that it would contribute USD 800 million (1 trillion won) to a fund established together with financial institutions and private investors. The objective of the fund is to provide shipping companies with liquidity through the acquisition of up to 72 ships put forward by the owners. This measure

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