China EximBank Earmarks USD 3.6 Bln for Chinese Yards

Driven by the desire to back the consolidation of the country’s shipbuilding industry the Export-Import Bank of China decided to extend ship financing loans worth up to USD 3.6 billion ( RMB21.8bn) to 11 Chinese shipyards.

The announcement was made during the second International Ship Finance Forum on Friday, December 5 hosted by the bank.

The loan will be streamlined to construction of vessels intended for export, including 65 containerships of 9400 TEU, 12 eco-friendly coastal vessels and self-elevating drilling units.

China EximBank has so far provided loans for construction of 9, 637 ship units, amounting to RMB579.6bn, Sun Ping, Vice President of China EximBank, said on the occasion.

In addition, the bank is bankrolling projects aimed at boosting local yards’ technological capacity, especially with respect to construction of high-tech specialized ships such as LNG carriers or state-of-the-art offshore vessels.

China has been very active recently pursuing to reform its shipbuilding and shipping industries.

Among steps encouraged within the initiative, the country wants to attract foreign investments and pave way for establishment of  joint ventures between international companies and Chinese counterparts as a way diversifying its predominantly state-owned market.

World Maritime News Staff

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