On September 6, as waves reached heights of 4.5 meters, passengers hurried from Busan Station to the Busan International Passenger Terminal to board the 'Fanstar Miracle.' This large cruise ferry, weighing 22,000 tons, has been operating between Busan and Osaka, Japan, since April of last year.
After completing the departure procedures, an announcement was made: "If you take the escalator up, the elevator will be on your left. Passengers moving to the upper levels are advised to use the elevator." Hearing such an announcement on a ship highlighted the scale of the Fanstar Miracle.
Upon arriving at my assigned cabin, the first thing that caught my eye was the expansive view. It is no exaggeration to say that the charm of a cruise lies in enjoying the sea from a comfortable environment. The neatly arranged room and the bench on the outdoor balcony heightened my anticipation for the journey.
While admiring the view of Busan, a call came through. The press group moved to the bridge to explore the ship's interior. My confidence in not getting seasick was short-lived as the relentless waves made walking forward a challenge.
Upon reaching the bridge, we were greeted by massive equipment, with the navigator standing among the machinery, gazing out the window. A representative from the Miracle stated, "The captain or navigator is always present in the bridge to prevent any chance of falling asleep during the voyage."
As if to prove the 4.5-meter wave, high waves continuously crashed against the Miracle's windows. On that day, smaller vessels were unable to depart from Busan Port, according to officials. Nevertheless, the Miracle continued its smooth sailing. The representative emphasized, "The 6-meter stabilizer maintains the ship's balance, allowing safe navigation in waves below 7 meters."
Additionally, the presence of a backup bridge and a return system that activates in case of malfunction demonstrated the ship's commitment to safety. It was a moment that truly reflected the description of being 'the safest space on the sea.'
As the rough waves began to subside around 8 p.m. near Japan's Seto Inland Sea, we received a message that 'the bridge is visible.' Stepping onto the deck, the night view of Japan unfolded before us. The sight of a giant Ferris wheel, gleaming skyscrapers, and the crowds gathered to enjoy the view resembled a scene from a movie.
After enjoying the sea breeze, I headed to the sauna on the fifth floor to unwind from the day's fatigue. To use the sauna, I had to grab a towel from my room and exchange it for a locker key and room key at the counter. Although the sauna was small, it included everything from shower areas to a sauna and bath. I visited at night, so I couldn't see anything outside, but during the day, one can enjoy a bath while admiring the sea.
Moreover, the Miracle features an outdoor swimming pool, casino, and fitness facilities, ensuring that the 18-hour journey is anything but boring.
Building a Sustainable Ecosystem Beyond Ship Expansion
In the past, the domestic coastal and international passenger ship market typically relied on importing used vessels due to the initial cost burden. The construction of new ships, which requires significant capital, has been a financial barrier for small and medium-sized shipping companies.
Despite these limitations, Fanstar Group made the decision to order a large cruise ferry from the domestic shipbuilder Daesun Shipbuilding. The key was to reduce the enormous financial burden, and the Korea Maritime Promotion Corporation's tailored policy financing stepped in as a solution.
The KMP activated its 'Special Support Program for Small Shipping Companies' to assist Fanstar Group in introducing new ships. Of the total ship cost of $70.5 million, Fanstar Group covered 20% ($14.1 million) while the remaining 80% ($56.4 million) was structured as senior loans.
In this process, the KMP provided a maximum debt guarantee of $53.58 million (approximately 75 billion won), covering 95% of the senior financing. With the KMP's strong guarantee, Fanstar Group was able to secure funding for the new ship with only 20% equity, avoiding high-interest subordinate loans.
Thanks to the KMP's guarantee, participation from private financial institutions such as Industrial Bank of Korea, Hana Bank, and Busan Bank in ship financing was facilitated. This is a prime example of how policy financing can share risks and attract private capital, significantly reducing the funding burden for small shipping companies. A representative from Fanstar Group expressed gratitude, stating, "It was thanks to the KMP's guarantee that we succeeded in securing funding through private financial institutions."
The KMP's policy financing has not only launched a new domestic ship but has also provided valuable technical experience for local small shipyards to build high-value vessels directly, laying the groundwork for a sustainable ecosystem where shipping companies and shipyards can thrive together.
Currently, the Miracle operates between Busan and Osaka, establishing itself as a next-generation business model that combines high-value maritime tourism and logistics beyond simple passenger transport. This demonstrates that policy financing can transform potential business opportunities for small enterprises into tangible industrial outcomes.
Kim Sung-jin, head of the KMP's Ship Financing Department, stated, "The Fanstar Miracle is a successful case of supporting small shipping companies in securing new ships through policy financing, linking it to the construction of high-value vessels by domestic shipyards. We will continue to expand tailored financial support to actively underpin the co-growth and global competitiveness of the domestic shipping and shipbuilding industries."
* This article has been translated by AI.
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