Global Marine raises funding for bulkers

Global Marine Finance Co., set up by shipbuilder Hanjin Heavy Industries and South Korean banks, received government approval to raise 282.8 billion won ($270 million) to build six bulk carriers. South Korea’s government in 2004 allowed shipyards, including Hyundai Heavy Industries and Samsung Heavy Industries, to set up financing vehicles to help shipping lines buy new ships. About 4.45 trillion won has since been raised for the purchase of 89 vessels, the ministry said.

The six 58,000 dwt bulk carriers will be built by Orient Shipyard Co. in Busan for Changmyung Shipping.