Japan protests at South Korean refund policy

The Shipbuilders’ Association of Japan (SAJ) has added its voice to complaints about South Korean refund guarantees issued for loss-making orders.

As TradeWinds reported earlier, the Japanese Ministry of Land, Infrastructure, Transport and Tourism wrote to its South Korean counterpart complaining of a relaxation of policy by government-­backed, so-called policy banks, such as the Korea Development Bank, that would allow refund guarantees to be issued for loss-making ship orders.