South Korea has pledged to place orders for 200 new vessels by 2020 as it seeks to boost domestic yards and owners following years of depression.
The ministry of oceans and fisheries revealed the scheme on Thursday, with deals for 140 bulkers and 60 boxships on the cards, the Yonhap news agency revealed.
"Following the bankruptcy of Hanjin Shipping, sales of South Korea's shipping industry were cut by over KRW 10 trillion, and the tonnage of the deep sea containers has been cut in half," oceans minister Kim Young-choon said at a meeting of ministers.
