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The Korea Ocean Business Corporation (KOBC), a state-run entity aimed at supporting the local shipping and shipbuilding industry, is looking to enter the ship leasing business.
South Korea’s Ministry of Oceans and Fisheries has made plans to turn KOBC into a shipowning company to lease ships to South Korean shipping companies, and a budget of KRW100bn ($91.7m) has been allocated for 10 ships that are scheduled for next year.
KOBC plans to increase its fleet to 50 ships by 2025 and establish a subsidiary for the operations of the ships.
KOBC was launched in 2018 and since then has provided several rounds of financial support packages for the fleet renewal programs of domestic owners.
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