The government plans to help local shipping companies through a ship purchase assistance program as part of efforts to lift the industry out of its slump.  

Minister of Oceans and Fisheries Kim Young-choon on Thursday announced a five-year plan to rebuild the ailing industry. 

Under the plan, the government will help local shipping firms place orders for 200 ships by 2020, including 140 bulk carriers and 60 container ships, using investment and guarantees from the Korea Ocean Business Corporation that's set to be launched in July. 

Calling it a comprehensive measure to revive the shipping and shipbuilding industries, the minister said the “golden time” to revitalize them may soon expire due to fierce international competition and strengthened environment-related regulations, among other things.