The Ministry of Oceans and Fisheries (MOF) of South Korea is initiating loans of KRW820 billion (USD665 million) to encourage owners of old coastal merchant ships and ferries to order new ship replacements. The MOF said, "This plan aims to strengthen maritime safety and competitiveness in cargo transportation." The idea is to build 21 ferries or passenger ships and 38 coastal merchant ships. The cost of each ferry is KRW29 billion, while the cost of each coastal merchant ship amounts to KRW5.6 billion.
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