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State debt-clearer buys vessels

State debt-clearer buys vessels
Korea?s state debt-clearer Korea Asset Management Corp., or Kamco, said it will purchase more ships from ailing local shipping companies to provide liquidity.

Korea"s state debt-clearer Korea Asset Management Corp., or Kamco, said it will purchase more ships from ailing local shipping companies to provide liquidity.

Korea"s state debt-clearer Korea Asset Management Corp., or Kamco, said it will purchase more ships from ailing local shipping companies to provide liquidity. Kamco started accepting applications Friday for the sale of idle ships from shippers and financial companies plagued by cash shortages due to the global financial crisis, it said.

Kamco said it has not set a deadline for the applications.

In July, Kamco purchased 17 ships from local shippers after creating a fund worth 480 billion won ($413.8 million). Plans for purchase of 45 more ships are underway.

The government introduced the purchasing program in May to improve the industry"s financial health and to prevent the ships from being sold at discount prices.

www.TurkishMaritime.com.tr

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