K-SURE and Trafigura $200m financing agreement to support Korean shipping

(Posted on 30/07/25)

The Korea Trade Insurance Corporation (K-SURE) and Trafigura, a global leader in the commodities industry, have entered into a USD200 million mid- to long-term financing agreement to boost the export business of Korean shipping companies.

Trafigura is a leading commodities group, owned by its employees and founded over 30 years ago. The company deploy infrastructure, market expertise and our worldwide logistics network to move metals and minerals, oil and petroleum products, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable.

The agreement marks the first time that an Export Credit Agency (ECA) has offered mid- to long-term financial support grounded in time charter agreements – an innovative approach aimed at expanding Korea’s shipping service exports and enhancing the competitiveness of its mid-sized maritime companies.

The financing provided through K-SURE will help cover costs such as time charter fees paid by Trafigura to Korean shipping companies as part of its global freight operations. Trafigura charters vessels from around the world and is planning to expand chartering activities with Korean partners in the coming years.

The agreement is expected to play a key role in helping mid-sized Korean shipping companies to strengthen their negotiating power and operational capabilities. It also expands the scope of K-SURE’s export credit programs beyond traditional capital goods into new sectors including consumer goods and services.

For Trafigura, this landmark facility marks its inaugural transaction with K-SURE and first ECA financing not linked directly to commodity trading volumes. The USD200 million facility was supported by three banks: Crédit Agricole Corporate and Investment Bank, who acted as coordinating and structuring bank for the facility, Barclays Bank Plc and Oversea-Chinese Banking Corporation Limited.

Jang Young-jin, President of K-SURE, commented, “This support will be an important turning point for enhancing the competitiveness of the domestic shipping industry. In the future, we will continue to actively identify overseas blue-chip charterers and provide financing solutions that support the expansion of Korea’s shipping service exports. We will also actively explore new financial opportunities in sectors such as services to promote national interests.”

Andrea Olivi, Global Head of Shipping at Trafigura, said, “This innovative financing structure with K-SURE underscores our long-term commitment to developing strategic partnerships in Korea. The support enables us to work more closely with Korean shipping companies and contributes to building a more resilient and diversified maritime supply chain. We are proud to support Korean exporters and strengthen our collaboration with K-SURE.”