The Korea Ocean Business Corporation (KOBC) is promoting the formation of an ice-class fleet capable of operating on the Northern Sea Route for Korean shipowners through a new round of financing support. The institution has launched an annual investment plan of approximately US$87 million (KRW 120 billion), covering icebreakers and ice-class commercial vessels.

The plan is aimed at Korean shipowners purchasing newbuildings or secondhand ships for Northern Sea Route trade, with no restriction on vessel type. Container ships, bulk carriers, tankers, and pure car and truck carriers (PCTC) may all apply. KOBC can provide subordinated financing of up to 30% of the vessel price; if combined with senior debt provided by other lenders, shipowners can finance up to 90% of the vessel value, thereby significantly reducing the equity capital required to put ice-class capacity into operation.

This arrangement is broader than the Korean government's existing support for environmentally friendly polar newbuildings and extends financing to secondhand ships. The Korean government hopes to use this to build a fleet controlled by Korea that can operate along the Arctic corridor.

Earlier this year, Korea elevated Arctic shipping to a national policy and launched the trial voyage of Korea's first container ship along the Northern Sea Route. The 2,758 TEU "PanStar Acro" departed Busan on August 22 and arrived at Felixstowe on September 12 after completing a westbound crossing of the Arctic route. PanStar said it is considering up to three Arctic voyages in 2027, followed by a gradual increase in voyage frequency.

Alongside the advancement of the financing plan, Korean shipbuilders are also accelerating research and development in polar vessel technology. Samsung Heavy Industries, Hanwha Ocean, and HD Hyundai Heavy Industries joined a domestic platform this month together with the Korean Register and Inha University to simulate ice loads and ship-ice interactions.