The government is planning to provide NT$560 billion (US$17.57 billion) to help the nation’s shipping firms survive a global downturn in the marine transport industry, the Ministry of Transportation and Communications said yesterday.
Deputy Minister of Transportation and Communications Wang Kwo-tsai (王國材) said that it proposed the plan after conferring with officials from the Ministry of Finance, the Financial Supervisory Commission, the Ministry of Economic Affairs, the National Development Council and the Bankers Association of the Republic of China, as well as shipping industry representatives.
“The nation relies on shipping firms to transport goods that come in large quantities, which is key to the nation’s economic development,” Wang said. “We have submitted the plan to the Executive Yuan for final approval so that it can be quickly implemented to help shipping firms battle the worldwide slump in the industry.”
“The bankruptcy of [South Korean firm] Hanjin Shipping [Co Ltd] in August has caused many of its ships, as well as the goods they carried, to be detained by port authorities around the world,” he said. “We see how people had to figure out ways to salvage their goods stranded at sea... The incident shows us that the government has to provide support to the industry before the damage becomes uncontrollable.”
Wang said that the industry is expected to recover within two years.
He said that financial institutions can offer a credit line of up to NT$500 billion to boost the overall economy, while the National Development Council has offered NT$60 billion for mid to long-term loans, which is specifically to finance shipping firms facing stress.
Wang said that the government is taking extra steps to sustain shipping firms in the nadir of a cyclical industry.
The government plans to reduce pier access fees, while the Bankers Association has agreed to extend deadlines for shipping firms to pay back mortgages.
Wang said the challenges facing the shipping industry mean there is an urgent need for a comprehensive upgrade.
Shipping prices for packaged and unpackaged goods have hit all-time low this year, he said.
With the Panama Canal’s widening, Wang said that the market is gravitating toward larger vessels that can carry 10,000 twenty-foot equivalent units (TEUs), which would make redundant ships that can only carry 5,000 to 6,000 TEUs.
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