South Korea's Minister of Land, Transport and Maritime Affairs announced on 1 November that it approved of '19th Badaro,' a private ship fund.  
The ship fund creates KRW 147bn ($131.4m) to place an order for four 57,000-dwt newbuilding bulkers at Jiangsu Hantong Ship Heavy Industry of China.
The bulkers will be time-chartered to Hyundai Merchant Marine for eight years.
The 19th Badaro distributes profits of charterage linking with Baltic Supramax Index (BSI) and its profit also changes in accordance with selling prices of matured vessels comparing to purchasing prices.
Also, this fund is off-hire insured against ships being not-in-service and is enabled to pay 7% of dividend during a charter.