News / Korean shipping lines promised billions in state support as profits fade

Cho Seung-hwan. Photo: MOF

South Korea’s minister for oceans and fisheries has assured the country’s container shipping companies his ministry will help them weather market challenges as freight rates continue falling.

This is despite South Korea having been criticised for using taxpayers’ money to bail out struggling enterprises.

Cho Seung-hwan met with representatives of HMM, SM Line, Sinokor and others, as well as state-backed ship finance provider Korea Ocean Business Corp on Tuesday.

The minister said, “We will do our best to maintain the international competitiveness of ...