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.