한국 선박투자회사제도의 개선방안에 관한 연구

Abstract

Since the Asian financial crisis, the shipping industry has undergone enormous loss due to the lack of adequate local ship financial system. This led to the creation of ship investment corporation Act in 2002 by modeling on Germany's K/G fund and Norway's K/S fund system. As of 2004-end, two ship investment operating companies established 17 ship investment corporations, which are now under operation. During the year of 2004, thanks to ship investment corporation Act, 17 local ships and ships for overseas services were secured by placing orders of new ships and purchasing used ships.

The shipping industry has difficulty in borrowing large amount of capital from the local financial market, so it is allowed to establish foreign affiliates and to have flag of convenience, enabling them to borrow money at a low interest rate on a long-term basis.

The flag of convenience for local ships is made because of tax benefit and foreign financial entities’ demands in order to exercise ship mortgage. 17 ships which were secured in 2004 are known to have been registered in Panama. In the first year when ship investment corporation Act came into force, it is evaluated that the shipping industry and the financial market benefited each other.

The goal of this research is to offer ways to improve shipping registry and tax system based on the current state of ship investment corporation Act and shipping investment corporations.

This research is based on the existing research on ship investment corporation Act and documents about shipping finance, shipping tax system, and ship registration system. And data are also collected from the interviews with officials from ship investment operating company, and the Internet.

The second chapter deals with Korea's current shipping financial system and its limitations. And it also explains the newly introduced ship investment corporation Act: its introduction, concept and efficiency.

The third chapter raises the problems related with ship investment corporations' shipping registry and tax systems regarding ship investment corporations' holding of ships.

The fourth chapter deals with European shipping fund: its basic concept, success, the governments' support programs and investment. In particular, it presents Norway's NIS system, a shipping registry system. Based on this research, it sheds light on the difference between shipping fund systems of Korea, Germany and Norway.

Based on European cases, the fifth chapter presents a way to improve Korea's ship investment corporation Act. Followings are the ways to improve ship investment corporations' shipping registry system, and tax benefit for ship investment corporations.

This will surely improve Korea’s shipping industry.

- Permitting flag of convenience according to the local financial market demand

- Liberalizing shipping registry system such as ship priority rights and ship mortgage to the level of meeting foreign creditor's expectations

- Adjusting ship's depreciation rate to the level of competing nations

- The expansion of taxation deferment for ship sales profit

In conclusion, the government's drastic support is required in this preliminary period in order to facilitate ship investment corporation system as seen in the cases of Germany and Norway.

I wish the system would help Korea to become a logistics hub in the Northeast Asia, ideal for the shipping industry.