On the 31st, Korea Development Bank announced that it has officially launched the "Republic of Korea Ship Innovation Program" worth $1.4 billion (approximately 2.59 trillion won).
As its first project, the bank completed ship financing for two ultra-large eco-friendly bulk carriers on the 27th. The bulk carriers, for which the bank provided financial advisory and arranged financing, will be operated by Wooyang Shipping, based in Busan. The financial support amounts to $12.15 million (approximately 1.787 billion won). Korea Development Bank contributed $74.2 million (approximately 109 billion won), while the Export-Import Bank of Korea invested $47.3 million (approximately 695 million won).
Wooyang Shipping is a leading bulk carrier company in Korea, founded in 1982. Through this program, Wooyang Shipping has optimally raised the large investment needed for ship purchases. The vessels will be deployed on routes where long-term transportation contracts have been signed with Vale S.A., the world's largest iron ore company based in Brazil.
A representative from the bank noted, "Beginning with the introduction of ultra-large eco-friendly bulk carriers, we plan to actively promote financial support so that domestic small and medium-sized shipping companies can make greater strides," adding, "We will also actively support the early securing of growth momentum in the maritime industry."