“There has been no change in our stance towards the restructuring of the Korean shipping industry,” Minister Kim Young-suk of Oceans and Fisheries said on April 18. Minister Kim reaffirmed that Hyundai Merchant Marine (HMM) and Hanjin Shipping should serve as two separate pillars of the shipping industry and the government will provide support to maintain the status quo.
“If Korean companies take a knock, the backbone industries propping up South Korea’s trade can suffer a blow to their competitiveness later. The government is fully aware of that, so we are offering support to make things work well,” Minister Kim added.
“I hope the speculation over the restructuring of the Korean shipping industry won’t escalate further. As regards HMM’s continued negotiations with shipowners to reduce charter rates, he said: “I hope the negotiations will end well.”
