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

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Bang Moon-kyu, president and chairman of Korea Exim Bank (right), and Maria Angelicoussis, CEO of Angelicoussis, sign a financial agreement at Angelicoussis headquarters in Kallithea, Greece. (Exim Bank)

The Export-Import Bank of Korea said on Wednesday it had signed a memorandum of understanding with Angelicoussis to provide financial assistance to South Korean shipbuilders by securing new orders for environmentally friendly fleets from the Greek shipping company.

Aiming to help Korean shipbuilders secure overseas orders, Korea Exim Bank chairman Bang Moon-kyu visited Angelicoussis headquarters in Kallithea on Friday, officials said.

Financial assistance will be granted to Korean builders on condition that Angelicoussis orders environmentally friendly vessels powered by bi-fuel or ammonia, which pollute less.

The deal came amid a rapid shift in the transportation industry from using fossil fuel fuels to liquefied domestic gas.

The bank expects Greek shipping lines to participate in Qatar Petroluem’s liquefied natural gas transport tender project in November.

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

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

The president also met with Nikolas Martinos, vice-president of the Union of Greek Shipowners, calling on Saturday for the Union’s greater support for Korean shipbuilders.

Meanwhile, Greece owns around half of the EU’s ships and 20 percent of the world’s ships. About 20% of the $ 66.1 billion in orders received by South Korean shipbuilders worldwide come from Greece.

By Byun Hye-jin ([email protected])


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