AsiaFinance and Insurance

Busan strengthens ship finance claims

In a further sign of Busan’s bid to stamp its place on the world maritime map a lavish ceremony was held today to showcase the new Korea Maritime Guarantee Insurance company, which has set up shop in the Busan International Financial Center (BIFC). The mayor of the city was among 150 guests at the official office opening.

The insurance firm has been invested in by Korea Development Bank, the Export-Import Bank of Korea, and a number of local shipping companies. It will provide guarantee insurance for ship purchases and loans.

BIFC is now offering a full range of maritime financing services as the city positions itself to be an East Asian maritime hub, amid stiff competition from the likes of Shanghai and Hong Kong.

Just this week Busan Bank concluded its first international shipping loan for a pair of American-bought containerships.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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