South Korea is stepping in to assist its shipbuilding industry by providing refund guarantees for shipyards for the first time since 2013.
According to local news agencies, South Korean banks and state-owned financial institutions will issue $10.75bn worth of refund guarantees to domestic shipbuilding companies — enough to help them contract $26.9bn worth of newbuildings.
South Korea’s Financial Services Commission confirmed the forthcoming support to the shipbuilding industry in a statement posted on its website, indicating that 12 major banks and policy financial institutions will issue the guarantees.
