News / South Korea to build more vessels to boost domestic feeder fleets

Dongjin Continental. Photo: VesselFinder

Seoul’s Korea Ocean Business Corporation said it planned to help finance 20 new feeder vessels for the South Korea-Japan route.

The ten 1,000 teu and ten 700 teu units would be placed on long-term bareboat charters to support South Korean feeder operators, who cited rising newbuilding costs as a hurdle to renewing their fleets.

Based on the estimated newbuilding price of $20m, the project could cost up to $400m, although KOBC may start with an order for four to eight vessels.

Jung Seong-jo, ...