ShippingWatch

Korea Development Bank lost USD 4.8 bln on South Korea crisis

State-owned Korea Development Bank exits 2016 with its biggest deficit in 18 years due to losses on loans to shipping, including exposure to DSME and bankrupt Hanjin.

Photo: Mark Lennihan/AP/Polfoto/Arkiv

USD 4.8 billion. That is how much the crisis in the South Korean shipping sector has cost Korea Development Bank.

In the past year the state-owned bank issued large loans to carriers Hyundai Merchant Marine and now-bankrupt Hanjin Shipping, while also keeping a hand under struggling major yard Daewoo Shipbuilding & Marine Engineering (DSME).

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