A new Korean government shipowning fund is planning to acquire 10 containerships from restructured Hyundai Merchant Marine (HMM).
Korea Shipping Co (KSC), established this month with a pot of KRW 1 trillion ($878m), will also boost the shipowner's liquidity by buying shares and debt worth KRW 720bn.
"Korea Shipping will provide some KRW 720bn to Hyundai Merchant this month or next month to shore up its capital base," Sohn Byung-doo, a member of regulatory body the Financial Services Commission, told reporters.
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