10 Organizations Signed Agreement for Closer Cooperation in Shipbuilding Sector

On December 15, 10 industrial organizations in South Korea signed a business agreement to work more closely with one another for an increase in the number of new shipbuilding orders. The 10 organizations are Korea Shipowners’ Association, Korea Offshore & Shipbuilding Association, Korea Shipbuilding Industry Cooperative, Maritime Finance Center, Korea Maritime Guarantee Insurance, Korea Western Power, Korea Gas Corporation, Korea Petroleum Association, Korea Iron & Steel Association and Korea LNG Bunkering Industry Association.

According to the agreement, they are going to make efforts for the expansion of ship financing in financial institutions, more assistance in the development of environmentally-friendly ship technology, closer cooperation between shippers and shipping companies, etc.

The agreement was prepared as a follow-up of the South Korean government’s plans for the enhancement of the competitiveness of the maritime transport and shipbuilding industries released on October 31 this year.

As another follow-up action plan, the Korea Shipowners’ Association is planning to set up a new division to deal with complaints regarding order placement.