KEXIM to fund HMM’s KEPCO Capesizes

A fund created by the Export-Import Bank of Korea (KEXIM) will provide financing for four Capesizes that Hyundai Merchant Marine (HMM) is building for an 18-year consecutive voyage charter to Korea Electric Power Company (KEPCO).

In mid-2013, HMM had formed a consortium with Pan Ocean to bid for the KEPCO tender. The consortium was awarded five 150,000 dwt Capesizes to haul steam coal from Australia and Canada.

KEXIM told IHS Maritime that the financing of USD27 million from its eco-ship fund would be for four of the five ships.

The ships, priced at USD45 million each, are being built at Hanjin Heavy Industries & Construction and will be delivered from September onwards.

KEXIM created the eco-ship fund to help promote eco-ship orders at South Korean shipyards.

The fund would also provide USD16 million of financing to two Capesizes that Korea Line Corporation is building at Daehan Shipbuilding for long-term shipping contracts with compatriot steel mill POSCO and ship operator Hyundai Glovis.

source:www.maritimes360.com