China EximBank extends $4.4bn financing to Cosco Shipping Heavy Industry

China EximBank

Cosco Shipping Heavy Industry has secured RMB30bn ($4.4bn) worth of financing facilities over a three-year period from the Shanghai branch of the Export-Import Bank of China (China EximBank).

Yu Jianzhong, chief accountant of Cosco Shipping Heavy Industry, said that China EximBank has all along been supportive of the state-owned shipbuilder in the areas of ship export sellers’ and buyers’ credits, refund guarantees and international settlements.

“Over the years, China EximBank has provided strong financial support for the reform and development of Cosco Shipping Heavy Industry and its affiliated enterprises to help us cope with market changes and to grow sustainably,” Yu was reported saying.

At present, China’s shipbuilding industry is facing unprecedented challenges marked by excessive shipyard capacity, cash-strapped shipowners and uncertainties in the global economy. Yu said support extended by financial institutions is seen as all the more important to shipbuilders under current market conditions.

Cosco Shipping Heavy Industry was officially unveiled by its parent China Cosco Shipping Corporation Limited (Cosco Shipping) in December 2016. The shipbuilder has been carved out from a combination of the shipbuilding entities of Cosco Shipyard and Cosco Shipbuilding Industry Company.



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