Shinhan Bank, Korea Shipowners' Association Sign MOU to Boost Shipping Industry Competitiveness
Shinhan Bank said on October 13 that it had signed a memorandum of understanding with the Korea Shipowners' Association to promote sustainable growth and strengthen the competitiveness of the domestic shipping industry.
Shinhan Bank President Jung Sanghyeok (right) and Korea Shipowners' Association Chairman Park Jeongseok pose for a commemorative photo after signing a business agreement to promote the sustainable growth and competitiveness of the domestic shipping industry at the association's headquarters in Yeouido, Yeongdeungpo-gu, Seoul, on the 12th. Photo provided by Shinhan Bank.
View original imageThe signing ceremony was held the previous day at the Korea Shipowners' Association in Yeouido, Yeongdeungpo-gu, Seoul. Shinhan Bank President Jung Sanghyuk and association Chairman Park Jeongseok attended.
The agreement aims to combine Shinhan Bank's financial expertise with the association's member network to meet shipping companies' diverse financing needs, including for the adoption of eco-friendly vessels.
The two organizations plan to cooperate on ▲providing ship financing to help Korean shipping companies secure eco-friendly vessels ▲developing financial support measures for mid-sized and small shipping companies ▲identifying financial products and services tailored to the shipping industry's characteristics and providing specialized consulting ▲and helping association members access financial services.
In particular, Shinhan Bank will use the local network of Shinhan SOL Cluster Busan and share information with the association to proactively identify members' financial needs. Based on this, it plans to provide ship financing, policy financing and consulting tailored to each company's business characteristics and financing plans, and develop specific support measures.
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President Jung said, "This agreement has established a foundation for cooperation that will enable us to hear directly from shipping companies and work together to explore the financial support they need. We will support the industry's green transition and companies' sustainable growth through financial services that reflect the shipping industry's characteristics."
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