Shinhan Bank has partnered with the Korean Shipping Association to support the introduction of eco-friendly ships and financing for domestic shipping companies.
On October 12, Shinhan Bank announced that it signed a memorandum of understanding at the Korean Shipping Association in Yeouido, Seoul, aimed at promoting sustainable growth and enhancing competitiveness in the domestic shipping industry. The signing ceremony was attended by Shinhan Bank CEO Jeong Sang-hyeok and Korean Shipping Association Chairman Park Jeong-seok, along with officials from both organizations.
This agreement combines Shinhan Bank's expertise in corporate finance with the Korean Shipping Association's network of member companies to address the diverse financial needs of shipping firms. The Korean Shipping Association represents the domestic shipping industry and supports management and regulatory issues for shipping companies while promoting collaboration with relevant organizations.
Under the agreement, the two organizations will collaborate on several initiatives, including: financing support for national shipping companies to acquire eco-friendly vessels, developing financial support measures for mid-sized and small shipping companies, discovering financial products and services tailored to the shipping industry, and assisting member companies in utilizing financial services.
Shinhan Bank plans to leverage its on-site network at the 'Shinhan SOL Cluster Busan' and the information from the Korean Shipping Association's member companies to proactively identify the financial needs of shipping firms. Based on this, the bank aims to create customized support plans that align with the specific business characteristics and financing strategies of each company, integrating ship financing, policy financing, and consulting services.
Jeong Sang-hyeok, CEO of Shinhan Bank, stated, "We will support the transition to eco-friendliness and the sustainable growth of companies through finance that reflects the characteristics of the shipping industry."
* This article has been translated by AI.
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