Korea Ocean Business Corporation to explain support for new icebreaking vessels

Korea Ocean Business Corporation will hold a briefing in Seoul on Sept. 9 for national shipping companies and organizations involved in a public-private council promoting Arctic routes.

The session will explain a support program for building eco-friendly icebreaking and ice-strengthened vessels. The program seeks to expand the fleet needed to operate safely in polar waters, where ships face extremely low temperatures and sea ice.

Officials will outline the program’s background, eligibility and funding criteria, environmental certification and ice-class requirements, application and payment procedures, and recipients’ obligations after receiving support. The corporation also plans to hear about difficulties shipping companies face when building new vessels.

The corporation will use that feedback to consider improvements that could make the program more effective and accelerate the expansion of South Korea’s polar fleet. Under an agreement with the Ministry of Oceans and Fisheries, it will handle applications, verification, payments and program operations.