SEOUL, KOREA - A study advocated the establishment of a maritime exchange whereby shipping companies can reduce risks associated with shipping charges and the like. In a seminar "Challenges for the Korean Shipbuilding and Shipping Industry" on June 5 held by the Korea Capital Market Institute, research fellow Lee Sung-bok said, "We need a shipping exchange just like the Baltic Exchange of the UK or Imarex ASA of Norway."
"The shipping exchange is useful for disseminating information such as vessel prices as well as shipping-related derivative transactions," he added. Given Korea's shipbuilding and shipping industries are No. 1 and 5, respectively, in the world, it is imperative that the government lend full support in creating an exchange for the industries.
By taking into account of the fact that the shipbuilding and shipping industries tend to underperform in an economywide downturn and recover quickly in an upturn, he suggested, the government use a countercyclical investment strategy. "Countries like Greece and Germany are investing more during a downturn by purchasing more ships at lower prices so that they could get more profits during an economic upturn."
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