As we are aware that world economy is suffering a lot because of the outbreak of the corona virus, shipping sector is also impacted by it a lot. Oil prices have down drastically affecting the tanker market and container shipments have also reduced leading to blank sailings. The ship building industry too has been affected by it a lot.
South Korea is an important maritime hub, and a lot of its economy is dependent on maritime sector. For this reason, it has decided to put fresh 1 Billion Dollar in to the market to help it recover from the consequences of corona virus on its maritime sector.
Two Major Korean banks will be contributing for the loans and the money.