State bank pledges huge loans to South Korea's shipping sector

The Export-Import Bank of Korea now sets a figure for how much money the bank is prepared to put up in loans and guarantees to the country's shipping sector. The move is part of the government's large-scale rescue plan.

Photo: Hyundai Merchant Marine

South Korea's shipping sector, which is especially big in shipbuilding and with shipping companies such as Hyundai Merchant Marine (HMM), can look forward to loans and guarantees totaling around USD 753 million, reports news agency Yonhap.

The Export-Import Bank of Korea, or Eximbank, on Friday revealed the figures of the five year rescue plan announced by the country's government recently, and which will overall boost the national fleet with orders for 200 new ships over the next three years.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Container reliability hit new low at the end of 2021

Schedule reliability in the container industry set a new negative record in December 2021 with one route in particular hit hard with an on-time arrival rate of only 10 percent, show figures from Sea-Intelligence. Problems in supply chains are still ”a huge burden,” says Hapag-Lloyd.

Further reading

Related articles

Latest news

See all jobs