KMTC Inks on 2 New Vessels Introducing

The Korea Marine Transport Co., Ltd (KMTC), a Korean carrier servicing
Korea, Japan, China, South East and South West Asia, signed on a plan
to introduce two 1,600 TEU container vessels at the Hanmi law firm; t
he signing was attended by relevant authorities from Samsung Heavy Ind
ustries, and the Dai-Ichi Kangyo Bank of Japan.
Samsung Heavy Industries began construction on the two container vesse
ls since the KMTC signed with them to build the ships in July of 1999.
The KMTC financed the project with capital amounting to 3 billion yen
with a 9-year term of redemption from the Dai-Ichi Kangyo Bank of Jap
an.
Industry has been closely observing this as the KMTC was successful in
securing a long-term financing deal with extremely low interest rates
. As a matter of fact, Korean shipping industries have not been able t
o buy new ships with foreign capital since interest rates jumped after
the currency crisis and IMF bailout in 1997 and 1998.
The 2 vessels will be deployed in the Intra - Asia main routes after b
eing launched in February and March 2001.