News / Anger in Europe as state subsidies for South Korean carrier HMM soar

© Sheila Fitzgerald

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 of the vessels rather than their actual market value.

HMM recorded ...