AsiaFinance and Insurance

Korea Eximbank entices lines to order locally

South Korea has moved to kickstart business among its shipyards and shipping lines. The Export-Import Bank of Korea (KEXIM) has released additional support measures which it describes as a “shipping-shipbuilding win-win model”.

Debt limits will be extended, interest rates and commissions cut for local lines who chose to order at Korean yards. Furthermore, KEXIM will suspend its loan to value stipulations for a year in a bid to stimulate ordering.

The orderbooks at Korean yards are now at their lowest point for more than a decade, while the recession in shipping has hit local owners harder than most other nations.

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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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