IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Outflow (subsidised)

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 16 Jul 2012 | Removal date: open ended
Still in force

Trade finance

The financial support has a total value of KRW 1 trillion (ca. USD 865.84 million) in ship financing for Korean exporters of ships and offshore plants. Ship financing is target to support the shipbuilding and marine transport sector

In this context, the further Bank elaborated: "Marine transport firms are facing reduced marine transport volumes as a result of the global economic downturn. As a result, shipbuilding orders have fallen and the shipbuilding industry is heading towards a recession. In these adverse circumstancess, we will do our best to help Korea’s marine transport and shipbuilding industry sail mightily across the five oceans."

Ship financing
The Eximbank of Korea operates with various financial instruments, including Direct Loans, Ship Bond Guarantees and Comprehensive Guarantees, to promote its maritime sector. More information on the ship financing can be found on the official website or the "Guide to the Import-Export Bank of Korea" publication.

The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

493 Ships
8901 Cruise ships, excursion boats, ferryboats, cargo ships, barges and similar vessels for the transport of persons or goods.
890110 Cruise ships, excursion boats and similar vessels principally designed for the transport of persons; ferryboats of all kinds
890120 Tankers
890130 Refrigerated vessels, other than those of subheading 8901.20
890190 Other vessels for the transport of goods and other vessels for the transport of both persons and goods
8904 Tugs and pusher craft.
890400 Tugs and pusher craft.
8905 Lightvessels, firefloats, dredgers, floating cranes and other vessels the navigability of which is subsidiary to their main function; floating docks; floating or submersible drilling or production platforms.
890510 Dredgers
890520 Floating or submersible drilling or production platforms
890590 Other
494 Pleasure & sporting boats
8903 Yachts and other vessels for pleasure or sports; rowing boats and canoes.
890310 Inflatable
652 Water transport services of freight

Please report this page in case you detect an inaccuracy in its content.