Seoul bets on Arctic to rejuvenate maritime sector

South Korea’s state-backed ship finance institution Korea Ocean Business Corporation (KOBC) said today (29 July) it is establishing a fund to develop Arctic Ocean-related business for the country’s maritime industry.

Newly elected President Lee Jae-myung has made the revitalization of the maritime industry among his plans, and he believes that more Arctic voyages will generate demand for icebreakers for South Korean shipbuilders and cargo volumes for South Korean shipping companies.