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Korea earmarks USD 3 billion for European shipowners

Korea's major state-owned bank (Korea Export-Import Bank) is helping the country's shipyard industry secure orders, as it plans to lend a total of USD 3 billion to European shipowners, writes Asiasis.

Photo: Thorbjørn Hansen

Asian shipyards are fighting to secure orders from European shipowners. Most recently, several Chinese banks have signed contracts with Greek shipowners to finance their newbuildings, to be built at Chinese shipyards. And now the Korean Export-Import Bank (Kexim) joins the fray, according to Asiasis.

A few days ago, the bank announced that it met with several major shipping companies during last week's Nor-Shipping convention in Oslo to discuss ship financing, as long as the orders are placed at Korean shipyards. The bank has earmarked a total of USD 3 billion for loans to shipowners.

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