Korea Eximbank Pledges Over USD 700 Mn for Shipping

MoneyIllustration/Image Courtesy: Pixabay

The Export–Import Bank of Korea (KEXIM) has committed to provide the country’s shipping industry with KRW 800 billion ( approximately USD 750 million) worth of loans and guarantees this year.

The loans will be provided to shipping companies for buying ships, covering operational costs and refinancing loans, Yonhap reports citing the bank’s chairman, Eun Sang-soo.

The measure is in line with the government’s five-year program aimed at revitalizing the country’s shipping and shipbuilding industry. Under the program, Korean shipping companies will be provided with the access to fresh funds for their fleet renewal programs.

At the beginning of April, South Korea said that it would build up to 200 new ships in the next three years, predominantly bulkers, 140 of them, and 60 containerships, including 20 ultra large boxships.

Hyundai Merchant Marine (HMM) is already in talks with shipbuilders on the terms of an order for a total of 20 megaships, twelve above 20,000 TEU and eight 14,000 TEU.

World Maritime News Staff

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