ShippingWatch

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.

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