■ K-sure rolled up its sleeves to help the Korean ship building industry suffering from sagging market demand overcome current hardships and expand its export market.

○ Korea Trade Insurance Corporation (K-sure, www.ksure.or.kr, Kim Young-hak, president) announced on November 29 that it provided USD 620 million of export credit to a mega-drilling project of Deawoo Shipbuilding and Marine Engineering Co., Ltd. (DSME).

■ Through the project, DSME will export two drilling equipments for deep sea oil well drilling at the total contract amount of more than USD 1.2 billion. The delivery is due in the 1st half of 2016.

○ The project receives support both from K-sure and GEIK, the ECA of Norway through co-financing, and K-sure provides USD 620 million through its MLT program.

■ This credit support carries its significance as it is to help the ailing Korean ship building industry which made a meaningful outcome of entering the emerging markets despite numerous internal and external obstacles.

○ Beside this case, K-sure is currently reviewing additional USD 200 million of support to DSME which will be provided within this year, showing K-sure‘s determination of further intensifying its support to the Korean ship building industry which is struggling to survive in a desperate market situation.

■ Mr. Kim Young-hak, president of K-sure stated that the support would provide practical momentum to DSME for its endeavor of bringing its business back on the right track as it would channel the highly needed liquidity to the company thanks to the settlement term of providing the payment at the delivery of equipment.

He also added that the contract was meaningful because it was the sheer outcome achieved by the Korean shipbuilding industry under a dire market situation thus it could be a fresh turning point to not only Korea ship builders and their industry but also the sluggish Korean export as a whole.