□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang Moon-kyu, “Korea Eximbank“) announced on October 11 that it has conducted financial marketing activities in Greece to help Korean shipbuilders win more orders.

□ Chairman Bang Moon-kyu met with Chairwoman Maria Angelicoussis at the headquarters of the Angelicoussis Group in Athens, the largest shipping company in Greece, on the 8th (local time), and signed a financial agreement to provide shipowner financing for the Group’s orders of large ships to Korean shipbuilders in the future.

○ The agreement included that Korea Eximbank would finance if a Korean shipbuilder wins an order of an eco-friendly vessel (such as heterogeneous fuel* and ammonia-powered vessel) ordered by Angelicoussis over the next three years.

* Domestic shipbuilders applied the world's first LNG DF (Duel Fuel) propulsion systems (engine) to merchant ships, and used heterogeneous fuels (diesel, LNG) to dramatically reduce pollutants.

□ Greece is the world's largest shipowning nation as it holds 50% of all EU ships and about 20% of the world’s tonnage.

○ Currently, about 20% ($12.9 billion) of the total order backlog ($66.1 billion) of Korean shipbuilders comes from Greece.

○ Korea Eximbank's expression of willingness to provide financial support is expected to greatly contribute to increasing shipbuilding orders to Korean shipyards as a number of Greek shipping companies are expected to participate in Qatar's Qatar Petroleum (QP) bidding project for LNG carriers in November.

○ Qatar QP is expected to start placing orders of up to 100 LNG carriers sequentially soon, amounting to a total of 23 trillion won in terms of amount.

□ At the signing ceremony, Chairman Bang said, "Greek Angelicoussis Group is an important partner of Korea Eximbank and Korean shipbuilders. We expect Korean shipbuilders will receive more orders based on our strengthened partnership with the Group and various financial tools of Korea Eximbank."

□ On the same day, Chairman Bang also met with Maritime Minister Giannis Plakiotakis to discuss ways to cooperate, including strengthening the shipping and shipbuilding networks between the two countries.

○ During the meeting, Korea Eximbank expressed its intention to actively provide financial support for LNG carriers, LPG ships, and tankers, which are technology-intensive and high value-added ships that Korea won orders, aiming to help Korean companies stay way ahead of their Chinese rivals.

○ Chairman Bang said at the meeting, "It is expected that Greek shipping companies will be able to respond to the EU's climate response bill package* as Korean shipbuilders can provide eco-friendly and smart ships incorporating cutting-edge technologies.“

* EU’s legislative package to reduce carbon emissions by 55% compared to 1990 by 2030

□ In addition, on the 9th (local time), Chairman Bang met with Nikolas Martinos, Vice Chairman of the Union of Greek Shipowners to discuss the recent trends in ship orders around the world and requested for full support to Korean shipbuilders.