HMM enters into eco-ship project fund with Kexim

On March 4, HMM entered into an eco-ship project fund with the Korea Exim Bank (Kexim). At the end of last year, the state-run bank formed an eco-ship fund worth KRW 1 trillion ($973m) and HMM became the first project runner of this fund.

The new eco-ship project fund that HMM has entered into with Kexim is worth $27 million. When HMM issues subordinated bonds accounting for 15% of the total price of the contracted vessels, Kexim will assume responsibility for them. The financial aid from Kexim will be used to build four bulk carriers that will be employed in an 18-year long-term charter contract with a KOGAS subsidiary carrying bituminous coals from Australia to Korea.

At a special ceremony held in Busan, HMM CEO Lee Paik-Hoon, Kexim Vice President Choi Sung-Young, and Korea Ship Finance CEO Shin Joo-Sun participated in the signing of the contract.

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