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| Korean shipbuilders |
Korean shipbuilders achieved a major boom in ship exports. During the first five months of 2024, shipbuilders exported ships worth more than $10 billion, indicating a 57 percent increase over the previous year.
The Korean government has intervened through its state-run financial institutions alongside the private banking sector to increase liquidity for the shipbuilding sector, which is the first time in 11 years.
The five largest banks in Korea, in addition to three regional banks, participate in the program. Including the Korea Development Bank, the Export-Import Bank, and the Industrial Bank of Korea. In addition, the Korea Commercial Insurance Corporation is changing conditions for banks to encourage them to provide more financing for guarantees.
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