As part of the South Korean government’s plan to revitalize the shipping industry, Korea Export-Import Bank provided loans and guarantees to the Korean shipping industry.

According to Yonhap News Agency, South Korea's Export-Import Bank will invest 800 billion won (about 7.493 US dollars) in shipping financing as part of South Korea's Hanjin Shipping's plan to revitalize the Korean shipping industry.

The five-year plan to revitalize the Korean shipping industry involved the construction of more than 200 ships, including 140 bulk carriers and 60 container ships.

Eun Sung-soo, chairman and president of Korea Export-Import Bank, stated that the fund will be provided in the form of loans and guarantees that can be used by shipping companies to purchase new ships, refinance existing debt and pay operating expenses.

Eun said at the meeting that South Korea's shipping industry and shipbuilding industry are facing difficulties, increasing the logistics costs of export companies. The five-year restructuring plan will strengthen the competitiveness of shipping companies, which will lead to a virtuous cycle of shipbuilding demand and reduce costs. He said that 800 billion won will be used to build new ships, operating costs and loan refinancing.