
South Korea Offers Financial Support for Building Ice-Class Vessels
South Korea plans to inject significant government support into its Arctic shipping plans, including a subsidy for icebreaking vessels. Earlier this month, oceans minister Chun Jae-Soo revealed that the government will offer financial support to accelerate building of ice-class ships. This followed a recent announcement that Korea would start pilot operations in Arctic shipping next year. South Korean President Lee Jae Myung campaigned on the agenda of leveraging Arctic shipping to revive the country’s southern ports. To fund these...
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