Ministry of Oceans and Fisheries to continue support for modernizing old coastal ships for public safety

- Second public offering for eligible recipients of coastal ship modernization fund support

 The Ministry of Oceans and Fisheries (MOF) announced that it would conduct a second public offering from August 5 to August 16 for eligible recipients of support from the Coastal Ship Modernization Fund.

 Coastal passenger and cargo ship businesses wishing to receive support from the Modernization Fund can apply through the website of Global Marine Financing, the fund's management company. Eligible recipients will be selected by evaluating the excellence of the business plan, shipping conditions, and credibility submitted by the applicant. Anyone interested in detailed information can visit the Global Marine Financing website.

 MOF has operated the Modernization Fund since 2016 to support the modernization of aging coastal passenger ships. The government creates funds through capital investment and supports shipbuilding by combining funds, loans from financial institutions, and shipping companies' internal funds. The shipping company receiving the support repays the shipbuilding cost in installments over 15 years while operating the modernized ship. The Modernization Fund raised KRW 219 billion by 2024 and supported the construction of seven coastal passenger ships including Silver Cloud and Sunflower.

 Starting this year in particular, the fund has expanded its support to coastal cargo ships, with four companies including Hyundai Shipping Co., Ltd. selected as support recipients through the last public offering of the Modernization Fund support.