CSIC Looking into Financial Leasing

China Shipbuilding Industry Corporation (CSIC) has revealed intentions to launch a financial leasing arm aimed at providing financing for companies interested in ordering high-end ships but lacking the necessary funds to do so.

These ship types include LNG carriers and cruise ships.

According to CSIC President Sun Bo, quoted by Reuters as saying at a press conference on Tuesday, this would enable the shipbuilder to widen its share in global ship orders and expand into new markets.

As disclosed, the state-run company is working on getting all the regulator approvals so as to be able to launch the company next year.

The announcement comes in a very difficult time for the global shipbuilding industry plagued by overcapacity and slowdown in new orders.

In particular, Chinese shipyards recorded a 77.4% slide in new orders year-on-year in the first five months of 2015, according to the China Association of the National Shipbuilding Industry (CANSI).

Prompted by the industry slump, the Chinese government has been busy with efforts aimed at reforming its shipbuilding industry through consolidation and tax incentives to the sector.

World Maritime News Staff

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