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.

    There has been a 20 percent annual gain in ships in recent years, the official said.

    According to the ministry, as of 2007, South Korea ranked sixth among the biggest shipping powers in the world, with 36.80 million deadweight tons (DWT) of registered ships.

    Greece topped the list with 175.7 million DWTs of registered ships, followed by Japan, Germany, China and Norway. DWT is the main measure of a ship's carrying capacity.

    The ministry said efforts are currently under way to help shipping companies expand business areas that are vital for sustained growth.

    It said shipping companies are to receive assistance in such areas as taking over foreign terminals and logistics companies.

    The South Korean government also wants to bolster local development of dedicated vessel support companies that can help reduce operational costs, it said.