우리나라 선박금융 선진화를 위한 선박펀드 활용방안 연구

A Study on the Ship Fund to Advance the Korean Ship Finance

This study analyze the Ship Fund System, which has been recognized as an advanced ship finance scheme, and how the Ship Fund System is being utilized in restructuring of shipping industry and strengthening of its competitiveness based on the case studies of KAMCO(Korea Asset Management Corporation)’s Ship Fund. The basic structure of the KAMCO’s Ship Fund is very similar to a typical Ship Fund except to the extent that it shows a few, but notable factors to distinguish itself from others. Since it was established during the times in which the ship prices significantly fell down, using the public money such as the restructuring fund, the KAMCO’s Ship Fund is being characterized as public fund based on the principle of responsibility sharing and as the successful case of utilizing the seller’s credit. KAMCO’s Ship Fund supported the liquidity by acquiring a total of thirty three ships of the Korean shipping companies that were subject to restructuring, during the times of depression when many domestic and foreign financing institutions in and out of Korea reduced their exposure to the shipping industry. Moreover, it contributed to the revitalization of the Korean ship financing market through procuring unsubordinated loans from a number of domestic and global financing institutions including Korea Exchange Bank, Hana Bank of Korea as well as Mitsubishi Corporation of Japan and DVB Bank of Germany. Ultimately, KAMCO’s Ship Fund has achieved its original purpose to improve the overall competitiveness of the Korean shipping industry as it prevented the unwanted transfer of nationality superior fleets outside Korea and supported competitive shipping companies.