Current Shipping Finance in Korea

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1 28 th October 215 Current Shipping Finance in Korea - Challenges and Opportunities Maritime Finance Department

2 Contents Part 1 Shipping Finance Market in Korea Part 2 KDB Activities in the Market Part 3 Challenges & Opportunities

3 Part 1 Shipping Finance Market in Korea

4 Korean Maritime Industry Size of Korean shipping industry - World s 6 th largest shipping industry (5 th 6 th ) Global Fleet Share Ranking Country Greece Japan China German Singp Korea Share(DWT) 16.1% 13.3% 9.1% 7.% 4.8% 4.6% Source : Korea Shipowners Association (As of Jan. 215) - Korea s total fleet size is 42.5mn GT - No. of shipping companies rapidly increased in 27~211 to 176, but recently growth has been sluggish New vessel order - U$1.4bn, 36 vessels ordered by Korean shipowners, 1.2% of global investment in Korean shipyards contract order was U$13.1bn, 47.8% of world total in 1H 215 Sector Country H Investment (Owner) Global Korea Contracts (Yard) Korea Source : Clarkson Investment & Contracts of Korean Shipping Companies and Shipyards (U$bn) 4 (GT, ) 45, 4, Korea Shipping Companies & Fleet Size GT # of Company (No.) 35, 129 3, 25, 39,747 42,588 2, 64 32,163 15, ,737 18,38 11,857 11,174 13,717 1, Source : Korea Shipowners Association (U$bn) Investment by Korean Shipping Companies Investment(Korean Owner) Contract(Korean Yard) 33. '9 '1 '11 '12 '13 '14 '15.1H Source : Clarkson (U$bn)

5 Current Shipping Finance Market in Korea Ship investment decrease - Mid-sized shipping companies purchased vessels with long-term contracts - New vessels ordered only by sound companies - Small companies with no investment capabilities 7% among Korean shipping companies have capital less than U$2mn - No mega deals bigger than U$1bn since KOGAS 5 LNGC project (U$1bn) in Major liners No investment since 211 Gap between Korean and global companies widened in operating fleets 5 New Vessel Orders of Major Korean Shipping Companies (CGT ) (PCC, %) 8 12% Total PCC PCC(%) 1% 6 8% % 4% % % '7 '8 '9 '1 '11 '12 '13 '14 '15. Q1 Source : Clarkson Major Liner Companies Fleet (TEU, ) (# Ships) Fleet # Ships ,38 2, , Maersk(1) MSC(2) CMA-CGM(3) Hanjin(9) HMM(16) Source : Clarkson

6 Current Shipping Finance Market in Korea Banking activities in shipping finance - Small portfolio of domestic commercial banks.2% of their total exposures (as of Dec. 214) - Government banks lead the market KDB, KEXIM, K-Sure are key players ECAs focus on non-korean shipowners to maximize shipbuilding orders - International banks participate in deals of ECAcovered or Korean blue chip companies Shipping funds for junior loans - Shipping funds of government financial institutions KDB, KEXIM, KAMCO launched funds in Korea Maritime Guarantee Insurance Co. (KMGIC) began its operations in Aug. 215 (U$bn) Shipping Finance Size of Korean Banks State-run Commercial Total '9 '1 '11 '12 '13 '14 Source : Ministry of Ocean and Fisheries New Shipping Funds of Government-Owned Institutions Name KDB KEXIM KAMCO KDB Ocean Value-up Fund KEXIM Eco-ship Program KAMCO Shipping Fund Size U$1bn U$1bn KRW 1bn/yr Performance U$18mn, 13 Vessels U$43mn, 6 Vessels U$59mn, 2 Vessels 6 * As of September 215

7 Part 2 KDB Activities in the Market Market Leader in Korea Lead Arranger Anchor Investor

8 Market Leader in Korea K D B Government- Planned Shipbuilding ( 76) Support given to shipping companies ordering at Korean shipyards Launch of Shipping Finance Team ( 9) First in Korea to start LNG shipping finance Management of Shipping Finance Risk Selective financing for projects with strong contractors Leader of Korea s Shipping Finance Market Financing services began to be offered for non-korean ship owners ( 5) Package financing provided with ECAs & funds Support for Restructurings of Shipping Companies Launch of KDB Shipping Fund ( 9.7) Launch of Singapore Shipping & Aviation desk ( 13.2) Comprehensive Shipping Finance Provider Established KDB Maritime Finance Center ( 14. 9) Launched KDB Ocean Value-up Fund ( 15.3) Expansion of foreign shipping portfolio M A R K E T Government-planned shipbuilding by KDB Deferred payment export program by KEXIM Introduction of Eurodollar by commercial bank LNG shipping finance began Recession of shipping finance caused by the Asian foreign exchange crisis Boom of shipping Finance Introduction of ship investment companies Severe slump of Maritime Finance shipping finance since Center was founded the global in Busan financial crisis ( 14. 9) Government-owned Public financial banks have strengthened Institutions (KDB, policy financing services KEXIM,KAMCO) to support the industry launched shipping funds ~ 9 9s 97~ 4 4~ 7 8~ 13 14~ 8

9 Lead Arranger Largest shipping finance arranger in Korea - After the market collapse in 28, KDB leads the arrangement and supply of finance in Korea - Total outstanding balance of maritime finance was KRW 2.7tn (as of the end of 214) - In 214, KDB provided U$1.1bn of shipping finance and issued U$4.4bn of RG - Arranged U$2.5bn, 23 transactions as MLA Awards Marine Money Deal of the Year Year Transaction KDB s Role 29 Bank Debt Advisor, Bookrunner, MLA KDB s Shipping Finance (U$bn) Ship Finance(L) R/G(R) (U$bn) * Annual deal volumes MLA in Recent Years (Senior Loans) (U$mn) 2,48 21 Structured Finance MLA 211 Export Finance MLA 1,67 1,549 1,519 1, Bank Debt MLA 212 Project Finance MLA (No. of Transactions) (17) (15) (14) (14) (23) 214 Bank Debt Bookrunner, MLA

10 Anchor Investor : KDB Ocean Value-up Fund Features - Size : U$1bn - Investors : KDB(Anchor), SI and FI - Target : New/second-hand vessels, Offshore plants, Ship investment companies - Tenor : 1 years KDB Ocean Value-up Fund Distribution (Interest) Investment (Bond Subscription) Performance (since Marc. 215) - Invested U$18mn, in 13 vessels, during the last 7 months Investment Performance of KDB Ocean Value-up Fund (Unit : U$ mn, KRW bn) Senior Loan LOAN BBC(HP) Ship Purchase Obligation / Purchase Option Overseas SPC Charter Hire Deliver ships Shipbuilder /Seller Vessel Valuation Company Valuation before delivery No. Fund Amount Shipping Firm Target Bareboat Charterer 1 U$ S Company 5 Tankers 2 KRW 15 D Company 1 Bulker 3 KRW 11 D Company 2 Bulkers 4 KRW 8 H Company 5 Cont. Carriers Total U$ 18 3 Companies 13 Vessels * Previously, KDB launched a shipping fund during the global crisis in 29 and has provided U$427mn in 42 vessels until the end of Insurer Marine / Hull Insurer & P&I Club Long-term COA or Time charter Freight or Hire Shipper / Time Charterer Ship Manager Ship / Crew / Safety Management (If necessary)

11 Part 3 Challenges and Opportunities

12 Challenges & Opportunities Struggling shipping industry - Market uncertainty due to fleet oversupply, low economic growth - Lack of investment capability - Weakening industry competitiveness - Commercial banks and institutional investors avoid investment in shipping industry Growing needs for industrial restructuring - To strengthen specialized and professional fleet services by sector and region - To scale-up fleet operators by M&A and strategic alliance - To optimize fleet management efficiency - To invest in high-performance vessels such as eco-ships Market stimulation with new incentives and financial instruments - Continued support such as tonnage tax system, special zone for ship registration in Jeju - Attracting private sector participation - Development of new ship financing instruments for commercial banks and institutional & individual investors Paradigm shift in shipping finance market - Transition to new vessel types: LNG-fuelled ships and eco-ships due to IMO Regulations such as NOx, BWTS - Offshore plants : drill-ships, FSRU, FPSO - Expansion of maritime finance in Korea by leveraging Korean shipyards key position 12

13 Thank You

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