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Go East

The global financial crisis has accelerated a dramatic shift eastward in the centre of ship finance as the traditional European banks continue to struggle to put themselves together. In China where shipbuilding has been identified as one of its ten “pillar” industries, banks are stepping up their lending activities to support the sector currently in doldrums. New loans extended by Chinese banks across all industries including shipping and shipbuilding grew to RMB 4.58 trillion (USD 670 billion) in the first quarter of this year, according to the latest figures released by the People’s Bank of China. This is the third

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Written by: | Categories: Marine Money | May 1st, 2009 |

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