The Ministry of Transport has recently issued a circular that allows domestic shipping companies to purchase ‘abandoned’ vessels (except passenger cruises) for use on domestic routes, after the new capacity is registered with the relevant authorities.

The measure refers specifically to those vessels that were started to be constructed before 31 March 2009. Due to the worldwide economic downturn, many ship owners cancelled their orders so as to cut losses.

This new measure, effective until the end of 2010, is designed to help shipyards deal with the issue of abandoned vessels.