Export-Import Bank signs MOU with Greek shipping company to finance new orders

The Export-Import Bank of Korea said Wednesday it signed an memorandum of understanding with Angelicoussis to provide financial assistance for South Korean shipbuilders securing fresh orders of eco-friendly fleets from the Greek shipping company.

Aimed at supporting Korean shipbuilders in securing overseas orders, Korea Exim Bank Chairman Bang Moon-kyu visited Angelicoussis headquarters in Kallithea on Friday, according to officials.

The financial assistance will be carried out to Korean builders on condition of Angelicoussis ordering eco-friendly ships powered by dual fuel or ammonia fuel, which produce less pollution.

The agreement came amid a fast change in transport industry in use of fuels from fossil fuel to liquefied national gas.

The bank expects Greek shipping companies to participate in Liquefied Natural Gas transport bidding project by Qatar Petroluem in November.

The 23 trillion won ($19 billion) worth project will in turn be helpful to the Korean shipbuilding companies, the bank said.

As part of his trip to Greece, Bang also visited Greek Maritime Minister Giannis Plakiotakis to discuss ways of strengthening the shipping network between the two countries.

The chairman also sat down with Nikolas Martinos, vice president of Union of Greek Shipowner, on Saturday calling for the Union‘s utmost support toward the Korean shipbuilders.

Meanwhile, Greece owns approximately half of the EU’s vessels and 20 percent of vessels worldwide. About 20 percent of $66.1 billion worth of orders South Korean shipbuilders received around the world is from Greece.

By Byun Hye-jin (hyejin2@heraldcorp.com)