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Exim Bank boost aid for Shanghai

Exim Bank boost aid for Shanghai
The Export-Import Bank of China, the country?s largest ship finance lender, is stepping up its effort to help address the order drought facing Shanghai-based shipyards.

Exim Bank boosts aid for Shanghai yards

The Export-Import Bank of China, the country"s largest ship finance lender, is stepping up its effort to help address the order drought facing Shanghai-based shipyards.

The bank is also supporting merger and acquisition activities to steer large shipyards towards high-end ships and offshore projects.

Outlining the measures, Eximbank assistant president Sun Ping said: ?This year, the bank will adopt means such as seller"s credit and buyer"s credit, payment guarantees, advance payment refund guarantees and alike to help shipyards secure and maintain orders.?

He told the audience at the Shanghai international shipping forum today that difficulties over shipbuilding orders, deliveries and financing would be the prominent problems facing the shipping market over the next few years.

Mr Sun added that to maintain the competitiveness of Shanghai"s shipbuilding industry, the bank would support the shipyards get new orders.

He pointed out that the development of Shanghai into an international shipping centre was a major strategic measure taken by the Chinese government and it was very important for China to establish the status of shipping.

Eximbank had advanced loans totalling $102bn the country"s shipbuilding industry since it was set up in 1994, Mr Sun said. That had benefited 3,722 export vessels of 120m dwt in total. Around 40% of those funds were provided to shipbuilders and shipping industries in Shanghai.

The bank would continue to play an active role in providing financial support to those shipowners that placed orders at local yards, including foreign shipowners, Mr Sun said.

He added the bank would also provide customised financial support for shipping companies which wanted to change their newbuilding orders to different ship types.

The bank would actively support merger and acquisitions among companies to enhance the shift into new vessel types including liquefied natural gas carriers and large container ships and the move into marine engineering equipment, Mr Sun said.

Financial support would also be given to foreign research and development institutions that wanted to move to Shanghai and the improvement of the domestic inland waterway network.


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