Asia/Pacific News
Korean Bank Signs Deal to Promote Eco-Ships
The Export-Import Bank of Korea (Korea Eximbank) says it has signed a memorandum of Understanding (MOU) with the non-profit ship classification society Korea Register of Shipping (KR) to support the building of more environmentally friendly vessels.
"Korea Eximbank will contribute to the development of the shipbuilding and maritime industries by devising more sophisticated ship finance solutions, based on a convergence of finance and technology," said Hong Young-pyo, executive director of the Export Credit Group at Korea Eximbank.
Under the MOU, Korea Eximbank agreed to use KR's services in ship transactions that the bank finances, while KR will offer technical consulting on ships and offshore plants.
The two organisations will also work together on overseas projects and employee training.
The deal will help Korea Eximbank provide more financing for eco-ships and help KR expand overseas.
"Through cooperation with Korea Eximbank, KR will do its utmost to help bring about a recovery of the embattled shipbuilding and maritime industries," said Mah Jin-sub, executive vice president of KR.
The South Korean shipbuilding industry has been on a growth path, writing nearly twice as many new orders as Chinese competitors last year.
Christopher J. Wiernicki, president and CEO of marine technology comapny ABS, said last year that the country's shipyards are "at the forefront of the global shipbuilding industry."
