A group of 10 South Korean companies have signed an agreement to boost the domestic shipping industry.
The Korea Shipowners' Association (KSA) says a group of 10 South Korean shipping, shipyards, liquefied natural gas (LNG) bunkering, and finance companies signed an agreement to cooperate to boost the domestic shipping industry, TradeWinds reports.
The agreement is noted to have been signed Thursday in Seoul by Kogas, KOLBIA - an LNG bunkering association, KOSHIPA, KOSIC, KMGIC, Korea Western Power, and Marine Finance Centre, as well as petroleum and steel organisations.
The agreement has been called a "win-win" by KSA.
In November, Ship & Bunker reported that, in the wake of the collapse of Hanjin Shipping Co. Ltd. (Hanjin), the South Korean government announced that it would provide support to the country's shipping companies in the form of KRW 6.5 trillion ($5.7 billion) to assist firms renew their fleets.