South Korea has unveiled a big new programme of subsidies for 2019 designed to boost the domestic shipping industry.

Among the measures are help for owners to order 60 more vessels, cash to open new routes and a stated aim to reduce the country's eight major boxship lines to six.

Maeil Business cited the ministry of oceans and fisheries as saying its policy is to order the new vessels through state investment company Korea Ocean Business Corp (KOBC).