Greece’s Angelicoussis inks financing deal with Korean bank

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.

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.

The duo signed a financial agreement that calls for the bank to provide financing for large ships ordered by Angelicoussis at South Korean shipbuilders over the next three years, the statement said.

Also, the bank would provide financial assistance to Angelicoussis if the firm orders “eco-friendly” ships powered by LNG dual-fuel or ammonia, which produce less pollution, the statement said.

In particular, the bank is interested in financing Greek shipping firms which would participate in Qatar’s huge tender for LNG carriers in November.

The bank says its willingness to provide financial support would “greatly contribute to the expansion of orders for Korean shipbuilders.”

Qatar Energy, previously known as Qatar Petroleum, recently ordered four LNG carriers from China’s Hudong-Zhonghua, as part of its massive shipbuilding program revealed earlier this year.

The new carriers would cater for future LNG fleet requirements for Qatar’s North Field expansion projects as well as for existing vessel replacement requirements

Qatar Energy signed deals with South Korea’s biggest three shipbuilders for up to 100 carriers and Kexim expects that the firm would soon start ordering these vessels as well.

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