Mercury, K-Chosun Shipbuilding Order Financial Marketing in Greece

Agreement Signed with Angelicoussis Group, Greece's Largest Shipping Company

Soo-Eun Bang, President of KDB (photo left), visited the headquarters of Angelicoussis, Greece's largest shipping company, on the 8th (local time) to expand orders for Korean shipbuilders. He signed a "financial agreement" with Maria Angelicoussis, Chairwoman of Angelicoussis (photo right), under which KDB will provide shipowner financing for large-scale vessel orders to Korean shipbuilders.

[Asia Economy Reporter Jin-ho Kim] The Export-Import Bank of Korea (KEXIM) announced on the 11th that it conducted overseas shipowner financing marketing in Greece to expand orders for Korean shipbuilders.

On the 8th (local time), KEXIM President Bang Moon-kyu met with Maria Angelicoussis, Chairwoman of Angelicoussis Group, Greece's largest shipping company, at its headquarters in Athens, and signed a "financial agreement" under which KEXIM will provide shipowner financing when Angelicoussis places large-scale ship orders with Korean shipbuilders in the future.

The agreement between the two institutions also includes provisions that KEXIM will provide financing if Angelicoussis places orders for eco-friendly vessels (such as dual-fuel and ammonia-powered ships) with Korean shipbuilders over the next three years.

Greece is the world's largest maritime power, owning about 50% of all European Union (EU) vessels and approximately 20% of the world's ships. In particular, many Greek shipping companies are expected to participate in the LNG carrier tender project of Qatar National Petroleum Corporation in November, and KEXIM's expression of intent to provide financial support is expected to significantly contribute to expanding orders for Korean shipbuilders.

At the signing ceremony, President Bang said, "The Angelicoussis Group of Greece is an important partner of KEXIM and Korean shipbuilders," adding, "We hope to strengthen cooperation with the Angelicoussis Group in the future and expand orders for our shipbuilders by utilizing KEXIM's various financial instruments."

On the same day, President Bang also met with Giannis Plakiotakis, Minister of Maritime Affairs of the Greek government, at the government office to discuss cooperation measures such as strengthening the shipping and shipbuilding network between the two countries. In particular, to maintain a technological gap with China, a competing country in ship orders, KEXIM expressed its active intention to provide financial support for technologically intensive and high value-added vessels such as LNG carriers, LPG carriers, and tankers ordered by Korea.