KMTC orders new container boxes

The Korea Maritime Transportation Corporation (KMTC) ordered 1,050 container boxes (2,100 TEU capacity worth 3.2 million dollars) including 1,000 Forty Foot-Equivalent-Unit (FEU) containers as well as fifty FEU refrigerated containers. The KMTC will deliver the containers in early January 2002.

Amid the recent economic depression spreading throughout the industry, container orders have attracted attention from domestic shipping companies. The order was split between CIMC in China and Jin-do in Korea.

The KMTC is expected to play an important role in new container trade openings. It has invested in newly built container vessels and various manufactured container-boxes since 1995.

In the mean time, the KMTC is going to introduce an "electronic settlement service through the bank only for business," instead of issuing bills starting from 2002.

This is expected to reduce problems related to the current billing system and will provide a more sound business settlement system that follows government policies. This system is also expected to increase outside credibility in that to support liquidations with dealing businesses.