Shinhan Bank will link ship financing, policy funding and consulting to support the introduction of eco-friendly vessels and help mid-sized and small shipping companies raise funds. It plans to use its on-site network in the Busan area to identify shipping companies’ financing needs and prepare tailored support measures for each company.

Shinhan Bank said on Oct. 13 it signed a business agreement with the Korea Shipowners’ Association on Oct. 12 at the association in Yeongdeungpo-gu, Seoul, to support the domestic shipping industry.

Under the agreement, the two sides will provide ship-financing support to help locally flagged shipping companies secure eco-friendly vessels and jointly prepare financing support measures for mid-sized and small shipping companies.

They also plan to cooperate on identifying financial products and services that reflect the characteristics of the shipping industry, providing specialised consulting and supporting member companies’ use of financial services.

Shinhan Bank plans to link the on-site network of its Shinhan SOL Cluster Busan with the Korea Shipowners’ Association’s information on member companies to assess shipping companies’ financing needs. It will then connect ship financing, policy funding and consulting in line with each company’s business characteristics and funding plan to draw up specific support measures.

Jeong Sang-hyeok (정상혁), chief executive of Shinhan Bank, said, "We will support the eco-friendly transition and the sustainable growth of companies with financing that reflects the characteristics of the shipping industry."