Korean ocean-going freighters ignore GSSP since 1995

Korean overseas-going shipping companies under severe pressure from shipbuilding related financial matters have avoided using the Government Sponsored Shipbuilding Program (GSSP), never ordering new vessels since the Asian currency crisis.

The GSSP, a state sponsored policy to secure vessels in Korea, has been through few changes since its inception in 1976. Since the 16th GSSP in 1991, there has been little use of the GSSP by Korean ocean-going carriers, with only minor usage in 1993 and 94. The most active period for GSSP usage was in 1985 when ocean carriers used it for 14 vessels totaling 797,000 tons.

Coastal carriers, however, have continued to use the GSSP since 1977, although usage has dropped sharply since 1999.