KAMCO Supports Construction of Super Tankers via Ship Finance
Korea Asset Management Corp. has signed a new ship financing contract worth US$180 million with Pan Ocean.
Korea Asset Management Corp. (KAMCO) announced on April 1 that it has signed a new ship financing contract worth US$180 million with Pan Ocean.
KAMCO will establish Korea Tonnage Newshipbuilding Funds 1 and 2, which will be used to support the construction of two 300,000-ton super-sized oil tankers.
The deal is part of the government’s support plan for corporate asset sales. Since 2015, KAMCO has established shipping funds worth 2.05 trillion won, of which it used 1.19 trillion won to purchase 80 used ships from small and medium-sized shipping companies. It is the first time that KAMCO takes the lead in supporting the construction of new ships. KAMCO will establish a US$175.6 million ship fund by investing US$122.92 million, which amounts to 70 percent of the prices of the two oil tankers.
KAMCO plans to support the government’s Green New Deal policies by supporting the construction of eco-friendly and high-efficiency ships. The company also stressed that it will help shipping companies embrace environmental, social, and governance (ESG) management and contribute to the win-win growth of Korean shipping and shipbuilding companies and job growth.
Source: Business Korea