KR, Korea Eximbank Sign MOU on Cooperation in Shipbuilding

The Export-Import Bank of Korea (Korea Eximbank) has concluded an MOU for ‘Cooperation in the Areas of Shipbuilding and Offshore Plants’ with Korea Register of Shipping (KR) at its Yeouido headquarters.

The MOU commits Korea Eximbank to enlist KR’s ship classification service in ship transactions involving the bank’s financing, while KR is to provide technical consulting on ships and offshore plants. The two institutions would also cooperate in overseas projects and in employee training.

Korea Eximbank plans to use KR’s expertise to increase its support for environment-friendly ships, while KR seeks to accelerate its overseas expansion under Korea Eximbank’s support.

Executive Director Hong Young-pyo of the Export Credit Group at Korea Eximbank remarked at the signing ceremony, “Korea Eximbank will contribute to the development of the shipbuilding and maritime industries by devising more sophisticated ship finance solutions, based on a convergence of finance and technology.”

 Executive Vice President Mah Jin-sub of KR reciprocated, “Through cooperation with Korea Eximbank, KR will do its utmost to help bring about a recovery of the embattled shipbuilding and maritime industries.”

Korea Register of Shipping (KR), a non-profit ship classification society, was established in June 1960 and is a member of the International Association of Classification Societies (IACS, comprised of ship classification societies in 13 countries including the US, UK, and France).

Korea Eximbank, May 24, 2013