Korea Ocean Business Corporation (KOBC), a state-backed ship finance organisation, will invest US$69.5 million in the K-Container Box Fund Investment Program, along with Korea Development Bank (KDB) and compatriot asset management firm Multi Asset Global Investments to lease containers to mid-sized local feeder operators.
The three parties announced today (21 October) that the scheme aims to help these feeder operators to procure containers at competitive rental rates.
Since 2019, KOBC has provided about 300,000 TEU of containers to South Korean shipping companies through other similar schemes. The latest scheme marks the first time that Multi Asset Global Investments, which is not government owned, is involved.
KOBC’s business head, Nak Joo Sung said, “We planned this investment scheme in consideration of the container procurement method of small and medium-sized shipping companies. These companies tend to procure containers on a small scale, and our scheme will help them to lower the costs of obtaining containers.”
Martina Li
Asia Correspondent
