The Ministry of Oceans and Fisheries will support the construction of new vessels for Korea Express Ferry, which operates ships on the Incheon-Baengnyeong route.
The Ministry of Oceans and Fisheries announced on the 20th that it has selected two coastal shipping companies, including Korea Express Ferry Co., Ltd. and Geumo Shipping, as the first beneficiaries of the 'Coastal Vessel Modernization Fund' (hereinafter referred to as the modernization fund) for 2025.
The Ministry of Oceans and Fisheries has been operating a modernization fund since 2016 to support the construction of aging coastal passenger ships.
Segeuro Ship Financing Co., Ltd., which is managing the modernization fund, held a public offering for the first beneficiaries of the modernization fund from March 10 to 28. A total of two shipping companies applied for the offering.
Korea Express Ferry applied for support from the modernization fund to introduce large passenger ships on the Incheon-Baengnyeong route. The Harmony Flower, the only ferry over 2,000 tons operating on this route, suspended its operation due to management difficulties; however, with this modernization fund support, a new passenger ship is expected to resume operations.
Minister Gang Do-hyung noted, "This selection is an important opportunity to restore the maritime transportation network in areas where traffic inconveniences have accumulated, such as the Incheon-Baengnyeong route, beyond simple vessel support," and said, "We will continue to take the lead in resolving transportation imbalances in island areas."