South Korea to support domestic shipping companies

The South Korean Ministry of Oceans and Fisheries is to roll out financial measures that will support domestic shipping firms amid a serious escalation of Covid-19 infections in the country, particularly in the south.

News agency Yonhap reported that South Korea would provide around KRW90bn ($76m) in low interest loans to local shipping firms. Each individual firm can apply for up to KRW5bn.

The ministry also said it would fully exempt shipping firms from port dues until their operations to China and Japan are normalised.

South Korea’s oceans minister Moon Seong-hyeok said that “we plan to take pre-emptive actions to minimize damage to local maritime firms amid the spread of COVID-19. South Korea will continue to see if there are any other difficulties facing the businesses”.

South Korea has raised its alert status to the highest level after it became the most coronavirus-hit country outside of China with the total number of infected people now escalating to over 4700.