Mubo to launch 7 eco-friendly LNG carriers from Korea with ‘export insurance’

The Korea Trade Insurance Corporation (Novo) announced on the 10th that it had provided mid- to long-term export finance of a total of US$833 million (about 980 billion won) for the ‘Knutsen LNG Carrier Project’ in which Hyundai Samho Heavy Industries and Hyundai Heavy Industries participated.

The project was an order for seven ultra-large eco-friendly LNG carriers of 174,000㎥ class by Knussen, a Norwegian shipping company.

Hyundai Samho Heavy Industries and Hyundai Heavy Industries are planning to build eco-friendly ships that meet the International Maritime Organization’s carbon regulation standards by applying eco-friendly technologies such as dual fuel and nitrogen oxide reduction. Hyundai Samho Heavy Industries will build five ships and Hyundai Heavy Industries will build two ships.

Seven global investment banks, including BNP Paribas and Societe General, will jointly finance ship purchases to Knudsen with mid- to long-term export insurance supported by the Korea Trade Insurance Corporation as collateral.

The ships delivered to Knudsen by the two shipbuilders will be used by global energy company Royal Dutch Shell and Polish state-owned energy company PG&I.

In-ho Lee, president of the Korea Trade Insurance Corporation, said, “Based on the close cooperative relationship with shipping companies and banks built through the project, we will successfully lead various projects and support the Korean shipbuilding industry to solidify its position as a global leader.”

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