The Bank announced plans to provide a total of KRW 20 trillion (ca. USD 1.7 billion) in credit to the ship and offshore sector this year (KRW 14 trillion to the ship sector and KRW 6 trillion to the offshore platform sector), up from last year’s KRW 19.1 trillion.
Additional changes will includes raising the loan-to-value ratio applied to used-vessel purchasing loans for SME and medium-large shipping companies from 70% to 80%. The age criteria for used vessels has been relaxed, from vessels aged between 10 to 15 years to those now being between 5 to 15 years.