Last month, the Korean government unveiled plans to pump 8.7 trillion won (about S6.4 billion) into restructuring the country's struggling domestic shipping industry. The government wants to avert a massive sell off of the national merchant fleet to Asian competitors at fire sale prices. Private investors and financial institutions will create a 4 trillion-won fund that will be used to purchase some 100 ships from firms undergoing restructuring. The government plans to inject 1 trillion won into the fund.
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