More vessels for operator backed by US lender During the Philippines’ Monday Independence Day holiday, a pedicab driver takes his time to cruise along the Binondo branch of the US-based Citibank. Meanwhile, Synergy Marine, a shipping investment company backed by Citigroup, the US bank’s parent, and General Electric Co., plans to build a fleet of container ships worth $1.5 billion before an initial public offering, Bloomberg said, quoting a Tradewinds report. Synergy got $100 million of investment from General Electric and $125 million from banks including Citigroup. --Nonie Reyes

HONG KONG—South Korea may change regulations to encourage more shipowners at home and overseas to purchase new or used vessels through funds, as Asia’s third-largest economy seeks to become a hub for ship financing.

The government is considering revising rules including allowing more than one vessel to be purchased from a fund and shortening the life of a fund from the current five years, the Ministry of Maritime Affairs and Fisheries said in an e-mailed statement Monday.

A.P. Moeller-Maersk A/S and other shipping lines, which spent a record $105.5 billion on new orders last year, are buying more vessels to move textiles, oil, iron ore and other products to meet increasing demand from the US and China. About 90 percent of global trade is moved by sea.

“We expect to come up with a proposal for the revision in the first half,’’ the ministry said.

South Korea, the world’s biggest shipbuilding nation, in 2003 allowed shipyards to set up financing companies to help shipping lines buy new ships, competing with Singapore to attract investors. The financing companies have raised about $3.3 billion, helping shipping lines buy 62 vessels.

Marine funds are traded on the stock market and pay dividends to investors from fees received from shipping lines operating the vessels. Investors who buy into the funds get tax breaks until the end of 2008.

China’s trade surplus almost doubled in the first quarter, spurring economic growth of 11.1 percent, the fastest among major economies. The World Bank estimates that global trade volumes may rise 7.7 percent this year.

Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and other South Korean shipbuilders have formed ventures for the funds with local and overseas financing companies. --Bloomberg

HONG KONG—South Korea may change regulations to encourage more shipowners at home and overseas to purchase new or used vessels through funds, as Asia’s third-largest economy seeks to become a hub for ship financing.

LUXEMBOURG—European Union (EU) governments endorsed stricter maritime controls that may ban more ships from using Europe’s ports to limit the risk of accidents such as the sinking of an oil tanker off the Spanish coast five years ago.

MONTREAL—Ontario Teachers’ Pension Plan, Canada’s third-biggest pension-fund manager, completed its purchase of a container terminal on New York’s Staten Island, the final step of a $2.4-billion transaction.