The South Korean government’s commitments to support the shipping industry financially have begun to bear fruit. It will provide Hyundai MM with finance for five new VLCCs as well as a $605 million sale-and-leaseback arrangement for existing vessels. That would bring Hyundai MM’s financial gearing (debt to total capital) down to 26% from a peak last year of 99%, and close to Maersk’s lowest-in-peer-group 24%. The industry’s concern should now be whether capacity discipline, a recent support for higher shipping rates, will be maintained.