The Export-Import Bank of Korea (Korea Ex-Im Bank) has agreed a deal to finance newbuildings ordered by the Angelicoussis Shipping Group at South Korean shipyards, following a marketing drive in Greece.
A memorandum of understanding was signed by bank chairman Moon-Kyu Bang and Angelicoussis chief executive Maria Angelicoussis in Athens.
The bank said the agreement calls for it "to provide shipowner financing if Angelicoussis orders large ships [from South] Korean shipbuilders in the future".
The deal also covers eco-friendly ships ordered by Angelicoussis in South Korea over the next three years.
The state-backed bank works to support South Korean exports by providing soft financing to importing countries. It is a majority shareholder in Daewoo Shipbuilding & Marine Engineering, where Angelicoussis is a regular customer.
Angelicoussis has six 174,000-cbm LNG carriers on order at DSME.
"Greece's Angelicoussis group is an important partner for Korea Ex-Im Bank and the Korean shipbuilding companies. We expect Korean shipbuilders to expand orders by using various financial tools of Korea Ex-Im Bank," Bang said.
The deal is part of a marketing drive in Greece by the bank, which says Greek owners represent around 20% — or $12.9bn — of the total South Korean orderbook.
The lender said it is keen to provide finance for Greek shipowners bidding for the Qatar Petroleum LNG newbuilding project for up to 100 LNG carriers. Bids are expected to be placed in November, it said.
Bang said the bank's "willingness to provide financial support is expected to greatly contribute to the expansion of orders for Korean shipbuilders".
It is also eyeing the potential market for eco ships that will emerge from upcoming marine environmental regulation within the European Union.
The bank is keen to support low-emission LNG, LPG and tanker newbuilding orders to help its country's shipyards maintain an advantage over their main rivals in China.
