SEOUL, May 22 (Xinhua) -- South Korea aims to be the 5th biggest shipping power in the world by 2010 with specialized funds and tax benefits that will help local companies expand their fleets, South Korea's Ministry of Land, Transport and Maritime Affairs said on Thursday.

As of May, local shipping companies have ordered 22 million deadweight tons (DWTs) of ships that will be delivered in the coming years, which should be sufficient to push up South Korea's overall ranking by at least one notch, said a government official.

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