Korea Ocean Business Corporation (KOBC) will pour more than 1 trillion won into the development of the maritime industry, including the establishment of shipper owners’ business operation infrastructure and introducing a tax lease system.
KOBC designated its major business tasks of the year, such as introducing a tax release system, expanding businesses related to ports and strengthening support to SME shippers and spreading ESG management, and announced plans to invest 1,004.3 billion won, the corporation said on Feb. 3.
The shipowners’ business project the corporation has implemented since last year is to be done in a bareboat charter (BBC) format.
A tax lease system is a financial arrangement that offers a reduction in corporate tax to investors, such as private banks, to allow accelerated depreciation on ships.
KOBC plans to develop and implement a Korean tax lease model. The corporation plans to expand financial support on container carriers and vacant containers to container shipping companies while increasing investment into port and logistics facilities.
KOBC plans to implement an excellent shipping company and shipper certification and continue to provide financial support to transition to eco-friendly vessels.
The corporation plans to implement projects to offer financial support to SME shipping companies and overcome difficulties, caused by the COVID-19 pandemic.
KOBC has offered 6,916.9 billion won in financial support to 98 companies since its establishment in 2018.
Korea Ocean Business Corporation holds a session to present projects the corporation will implement during this year at Kensington Hotel in Yeouido, Seoul, on Jan. 27.
KOBC President Pledges to Expand Orders for Eco-Friendly Ships
In his New Year’s message, KOBC President Kim Yang-soo said his corporation will focus on eco-friendliness management to cope with outside and inside environmental factors, and ramp up financial support to SME shipping companies.
“Each country around the world is stepping up trade protectionism, and economic growth is feared to be slowed down in the wake of inside and outside uncertainties, including the U.S.-Chinese conflict, and the protracted COVID-19 pandemic,” President Kim said.
As the IMO’s restrictions for decarbonization is further reinforced and maritime financial is focusing on eco-friendliness, Kim said KOBC will implement ESG management.
KOBC will support the maritime industry’s introducing ESG management to achieve its carbon neutrality while expanding orders to build eco-friendly ships and install eco-friendly facilities.
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