Agreement with the Korea Shipping Association
Support for financing of small and medium-sized shipping companies
Shinhan Bank will provide financial support to help the domestic shipping industry introduce eco-friendly ships and raise funds for small and medium-sized shipping companies. Amid the spread of “productive finance” to enhance the competitiveness of major industries such as shipbuilding and semiconductors in the banking sector, it is expanding its support area to the shipping industry.
Shinhan Bank announced on the 13th that it signed a business agreement for strengthening the competitiveness of the domestic shipping industry and sustainable growth at the Korea Shipping Association in Yeouido, Seoul, on the 12th. Shinhan Bank President Kim Sanghyuk Jung and Korea Shipping Association President Park Jung-seok attended the signing ceremony.
The core of this agreement is to expand the supply of funds and financial services in line with the business characteristics of shipping companies. First of all, it will support the necessary ship financing for domestic shipping companies in the process of securing eco-friendly ships and come up with financial support measures for small and medium-sized shipping companies with weak financing conditions.
It plans to discover financial products specialized in the shipping industry and provide professional consulting suitable for each company’s business situation. The Korea Shipping Association works with Shinhan Bank to ensure that member companies can use financial services smoothly. The plan is to combine Shinhan Bank’s corporate financial capabilities with the network of shipping companies owned by the association.
A field-oriented financial support system will also be established. Shinhan Bank plans to identify the demand for funds from shipping companies by utilizing “Shinhan SOL Cluster Busan,” which has secured contact points with companies in Busan. While exchanging information with the Korea Shipping Association, the government will examine the investment plans and business conditions of individual companies and connect appropriate support measures such as ship financing, policy financing, and consulting.
Recently, productive financial competition to supply funds to specific industries and small and medium-sized suppliers has been active in the banking sector. In January, Hana Bank worked with HD Hyundai Heavy Industries and Korea Trade Insurance Corporation to prepare a 400 billion won financial support program for its shipbuilding partners. In July, it partnered with the Korea Technology Guarantee Fund to create an agreement…
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