Ships are built to be convertible to methanol propulsion, an eco-friendly fuel
The Export-Import Bank of Korea said Thursday it will provide $134.67 million in ship financing for a container vessel export deal secured by mid-sized domestic shipbuilder HJ Shipbuilding & Construction from an overseas shipowner.
The financing covers two 8,850-TEU container ships — where one TEU equals one 20-foot container — built to "methanol-ready" specifications. The vessels are scheduled for delivery in August and October 2027, respectively, and will then enter service on global shipping routes.
A methanol-ready vessel is designed and built to be convertible to run on methanol, an eco-friendly fuel.
To support HJ Shipbuilding & Construction's export deal, the bank will provide part of the required funding through direct loans, with the remainder financed by commercial banks backed by the bank's guarantees.
Last month, the bank committed 250 billion won ($186 million) in financing to support LG Chem's efforts to build a production base for sustainable aviation fuel.
"We will continue to actively support the competitiveness of mid-sized domestic shipbuilders through tailored policy financing," a bank official said.
hyuk@heraldcorp.com
