Korean Shipping companies add vessels to fleets

Korean shipping companies recorded a total of 55 vessel gains and los
es as of Nov. 30th this year. According to the Korean Shipowner's Asso
ciation and shipping companies, Korea ocean-going companies, which hav
e been showing a tendency to sell vessels since the Asian currency cri
ses, gained 49 vessels and sold 8 vessels as bareboat charter (BBC) an
d secondhand vessel introduction leases. An industry source said that
this increase beyond expectations was accounted for by the survey incl
uding charterings.

By shipping company, Namsung shipping gained a full container vessel
on Sep. 22nd. Daebo shipping increased its fleet by 2 general cargo ve
ssels and 1 bulk ship by taking advantage of secondhand vessel introdu
ction leases. Daewoo Marine gained a chemical tanker and a general car
go vessel, each by BBC. Korea Line Corp. added 2 LNG vessels to its fl
eet, and Bonex Shipping & Air Freight added two general container vess
els by means of secondhand vessel introduction leases. Sunjoo shipping
gained three general container cargo vessels by secondhand vessel int
roduction leases and lost 1 vessel to BBC. Shinsung Shipping introduce
d one general cargo vessel for sale by secondhand vessel introduction
lease and one for fund acquisition. Sun Ace Shipping added one vessel
with a secondhand vessel introduction lease. S&K Line increased by 4 v
essels with secondhand vessel introduction leases. Sinokor Merchant Ma
rine and JangYung each introduced one container vessel to their respec
tive fleets using secondhand vessel introduction leases. CK Line and H
ansung Shipping added vessels according to their ship building program
s. Hanjin Shipping gained two LNG vessels as BBC, and Hyundai Merchant
Marine also used BBC to acquire three LNG vessels.