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China Eximbank loads up support for shipbuilders

By Tong Hao (chinadaily.com.cn)
Updated: 2009-04-08 13:47

The Export-Import Bank of China, a policy bank led by the State Council, granted shipbuilding-related loans totaling 102.46 billion yuan ($14.99 billion) and $7.45 billion through the end of 2008.

Related readings:  Shipbuilders still in doldrums  Shipbuilding stimulus plan made public  Glut of steel could worsen as shipbuilding orders plunge  China Eximbank supports steelworks

The bank also issued bank guarantees of $20.3 billion which supported export of 2,698 vessels totaling 92.58 million deadweight tons, said bank vice president Zhu Xinqiang.

Not long ago, the bank granted credit of 100 billion yuan and 60 billion yuan respectively to China State Shipbuilding Corp and China Shipbuilding Industry Corp, the country's two largest shipbuilders, to help them tackle the deteriorating shipbuilding industry worldwide.

Zhu said the bank plans to offer new services to fund Chinese shipyards in research and development and mergers and acquisitions. The bank is also working on detailed clauses of financing policy as part of the stimulus package for the shipbuilding industry.