Export-Import Bank of Korea Supports Export Achievements of Mid-Sized Shipbuilders with Tailored Financial Solutions
The Export-Import Bank of Korea has launched a financial package to support the export of vessels by mid-sized shipbuilders, aiming to strengthen the competitiveness of the shipbuilding industry.
According to the Export-Import Bank of Korea on March 5, Executive Vice President Ahn Jonghyuk attended the naming ceremony of a 156,000-deadweight ton (DWT) class Suezmax crude oil tanker at Daehan Shipbuilding in Haenam, South Jeolla Province. This vessel is a Suezmax-class crude oil tanker, designed to be able to pass through the Suez Canal.
This visit was arranged to gather on-site feedback to enhance the competitiveness of regional shipbuilders in securing orders, and to strengthen cooperation with shipowners. The vessel was ordered by CMB.Tech, a crude oil tanker specialist under the Belgian shipping group CMB, and will be chartered long-term for at least nine years by Valero, a U.S. oil product manufacturing and distribution company.
The Export-Import Bank of Korea provided financial support for USD 115 million, which accounts for 66% of the total USD 173 million export contract for two vessels ordered by CMB.Tech from Daehan Shipbuilding. The financial package, which included refund guarantees (RG) and shipowner financing, supported the construction and delivery of the ships. Lee Seokmoon, CEO of Daehan Shipbuilding, said, "Thanks to the improving market conditions, the local industrial ecosystem, including partner companies, is recovering. We hope that financial support from policy banks will continue to serve as a strong pillar so that mid-sized shipbuilders can achieve sound growth in the global market."
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Executive Vice President Ahn stated, "This naming ceremony is a testament to the achievements of mid-sized shipbuilders, which are the backbone of Korea's shipbuilding industry, in overcoming internal and external uncertainties. As a symbol of shipbuilding and energy cooperation, with construction in Korea and operation in the United States, it will serve as an opportunity to enhance the strategic value of regional mid-sized shipbuilders." He added, "The Export-Import Bank of Korea will continue to actively respond to on-site financial needs, such as the timely issuance of refund guarantees (RG), to support shipbuilders' order-taking activities."
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