Chinese Shipbuilder in Multi-Billion Dollar Scheme


The Export-Import Bank of China will provide US$2.8 billion in credit facilities for Shanghai Waigaoqiao Shipbuilding (SWS), which is aimed at helping the ship-yard build bigger and higher specification ships, after a strategic agreement was signed between both parties for the next three years, according to Vessel Finder.

The deal is deemed as the biggest single deal to date in aiding the creation of vessels.

China EximBank said it has been in close cooperation with SWS for more than 10 years, and supported the shipyard with close to over US$3.1 billion worth of credit facilities.

View an infographic on China’s top shipbuilders

The latest strategic cooperation is said to be in line with the national drive to reform the maritime sector, and will allow SWS to maintain healthy growth in operations.

It was previously reported that the ‘Big 3’ shipbuilders had seen considerable losses as a result loss provisioning and restructuring.

This could be impacted further by the recent Chinese stock market crash with no certainty of whether Chinese companies can pull through the financial downturn.

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