All Eyes on China

In the last edition of Marine Money Asia, we reported that Yantai Raffles has secured USD 150 million from China Development Bank. This week, we have another transaction that involves a Chinese bank supporting Chinese shipping interests. Bank of China (“BOC”) has sealed a cooperation agreement with state owned China State Shipbuilding Corporation (“CSSC”).

Under the terms of the agreement, BOC will provide CSSC a credit line of RMB 80 billion (USD 11 billion) to support the latter’s businesses in shipbuilding and ship repair. In addition, BOC will leverage on its buyer credit business to support CSSC’s exports. BOC has been an instrumental player in the development of the Chinese shipbuilding industry. All in all, the bank has provided domestic shipbuilders with over RMB 130 billion (USD 19 billion).

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