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Article: Korea : China, Korea Aid for Shipping Industry May Prolong Rates Slump.
- Article from:
- TendersInfo
- Article date:
- November 11, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sanjayV03
South Korea and China, the largest shipbuilding nations, are helping their maritime industries weather a cargo slump. Their aid may prolong the slowdown.
South Korea has committed 400 billion won ($345 million) to help shipping lines pay for new vessels. China has asked state- owned banks to boost lending to the industry as commercial lenders cut financing. Germany, home to half of the global container fleet, is also bailing out Hapag-Lloyd AG, its largest line.
Aid will safeguard ship orders even after overcapacity and slowing trade caused container rates to slide about 30 percent from a year earlier in the third quarter and ...