The state-run Export-Import Bank of Korea has signed a deal with Greece’s Angelicoussis Shipping Group to help it finance new vessel orders at Korean yards, reports LNG Prime.
About the Financial Agreement
Kexim’s chairman Bang Moon-kyu met with the chief of the Greek shipping giant, Maria Angelicusis, at the latter’s headquarters in Athens on October 8, according to a statement by the bank.
According to the announcement, the two struck a financial deal in which the bank will provide financing for large ships ordered by Angelicoussis at South Korean shipbuilders over the next three years.
In addition, if Angelicoussis orders “eco-friendly” ships fueled by LNG dual-fuel or ammonia, which cause less pollution, the bank will provide financial help, according to the statement.
Qatar’s massive LNG carrier tender
The bank is particularly interested in funding Greek shipping companies that will compete in Qatar’s massive LNG carrier tender in November.
The bank claims that providing financial assistance will “significantly contribute to the expansion of orders for Korean shipbuilders.”
Qatar Energy
As part of its huge shipbuilding program announced earlier this year, Qatar Energy, formerly known as Qatar Petroleum, just ordered four LNG carriers from China’s Hudong-Zhonghua.
The new carriers would be used to meet future LNG fleet requirements for Qatar’s North Field expansion projects, as well as to replace existing vessels.
Qatar Energy has signed agreements for up to 100 carriers with South Korea’s three largest shipbuilders, and Kexim expects the company to begin ordering these vessels soon.
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Source: LNG Prime
