South Korea’s MOF offers $8m subsidy but fails to attract ice-class ship orders
South Korea’s Ministry of Oceans and Fisheries has made $8 million in subsidies available to local shipyards for building ice-class container ships intended for Arctic liner services. However, the ministry reports that it has struggled to attract local shipping companies to take up the subsidy offer. The Loadstar article cites high costs and low volumes as the reasons the Arctic shipping plans have stalled.
The subsidy program provides $8 million in financial support for ice-class container shipbuilding, as stated by the Ministry of Oceans and Fisheries. The funds are earmarked for local shipyards to construct ice-class container ships. The built ships are meant to operate on Arctic liner routes, specifically the Northern Sea Route, with the hope of running regular liner services. Despite the financial incentive, no local shipping companies have committed to ordering the ice-class vessels, highlighting the struggle to attract participants.
Earlier in the same article, The Loadstar reported that the Gemini Cooperation partners Maersk and Hapag-Lloyd announced four additional Asia-Europe services. The announcement was made today, and the services are intended to step up the cooperation’s return to the Suez route. The article’s opening note states that Gemini is stepping up its return to the Suez route with four additional Asia-Europe services.
What we know
$8 million in subsidies
MOF is struggling to attract local shipping companies to build ice-class container ships
Gemini Cooperation partners Maersk and Hapag-Lloyd
Gemini Cooperation announced four more Asia-Europe services
The announcement was made today