Shipowners plan their own repair yard in Korea

A consortium of Korean shipping companies has been formed to set up its own shiprepair facility. As Korean shipyards are fully booked with newbuilding orders, most ships have to go to China or Vietnam for repairs or routine maintenance. With the Korean fleet increasing, the problem is likely to become even worse.

The consortium, which is believed to number seven major shipowners, including Korea Line, is working with the Korean Shipowners? Association, Busan port authority and Busan city to submit a business plan for a new repair yard at Busan to the Korean government. Reports suggest that they are likely to be joined by a further 15 Korean shipping companies.