Coastal Shipping and Small-to-Medium-Sized Shipbuilding Sectors Join Hands to Modernize Aging Small and Medium-Sized Coastal Vessels

 - Launch of the Small and Medium Vessel Joint Initiative Group expected to support joint growth of coastal shipping and small-to-medium-sized shipbuilding sectors

 The Ministry of Oceans and Fisheries (Minister Kang Do-Hyung) will hold an agreement ceremony to launch the Small and Medium Vessel Joint Initiative Group to modernize aging coastal vessels on April 2nd (Tuesday) at 14:00 in the Main Conference Room of the National Fishery Products Quality Management Service, Seoul Branch. The ceremony will be attended by representatives of the coastal shipping sector, the small-to-medium-sized shipbuilding sector, the government, and policy finance institutions.

 The Small and Medium Vessel Joint Initiative Group is being established to effectively promote the replacement of battered coastal vessels in line with the 2023 Measures to Strengthen Coastal Traffic Safety and Foster Industry Growth. The Group is composed of members from the coastal shipping sector, the small-to-medium-sized shipbuilding sector, a coastal vessel modernization fund, and policy finance institutions.

 * Korea Shipping Association (coastal shipping sector), Korea Shipbuilding Industry Cooperative (small-to-medium-sized shipbuilding sector), Korea Ocean Business Corporation (policy finance institution), Global Marine Financing (coastal vessel modernization fund)

 Under the agreement, the Small and Medium Vessel Joint Initiative Group will ▲ unify the shipbuilding supporting channel, ▲ support joint ordering of ships of the same type, and ▲ provide information and advisory services on shipbuilding and financing.

 Through this agreement, the coastal shipping sector will be able to secure outstanding and reliable small-and-medium-sized shipyards in Korea that will help to replace old ships and deliver on the demand for eco-friendly vessels, which are necessary for the reduction of greenhouse gas emissions. At the same time, small-and-medium-sized shipbuilders can secure stable orders, which will enable the mutual growth of both sectors.