The Ministry of Oceans and Fisheries announced on the 2nd that it has selected Hanyu as the business target for the 2nd 'Coastal Vessel Modernization Fund' in 2025.
The Ministry of Oceans and Fisheries has been operating a modernization fund since 2016 to support the construction of new coastal passenger ships.
Last year, the support target was expanded to include coastal cargo ships, and in the first call for the modernization fund in April, two coastal shipping companies, including Korea Goryeo High-Speed Ferry Co., were selected.
The second modernization fund called for participants from May 26 to June 13. On the 1st, the fund investment review committee was held, and Hanyu was ultimately selected as a target for support.
The selected shipping companies will receive support for 30% to 60% of the shipbuilding expense based on the ship price, while the remainder will be financed through loans from financial institutions and self-funding. Through this, it is expected that small and medium-sized coastal shipping companies with relatively poor funding conditions can alleviate the financial burden of introducing new ships.
Meanwhile, to support shipping companies that have intentions to modernize their vessels but were unable to participate in this call, a third call for the modernization fund is planned for September to October of this year. The Ministry of Oceans and Fisheries will provide support for ship construction for each shipping company through various measures, including consulting.
Minister Kang Do-hyung said, 'This ship modernization support is an opportunity to inject new vitality into the coastal shipping logistics industry, beyond simply securing ships,' and noted, 'In the future, the government will actively work to build a reliable and safe maritime transport network and enhance the sustainability and industrial competitiveness of coastal shipping.'