The latest deal has now given CSSC access to RMB260bn of loans from China's five major financial institutions, namely ICBC China, Agricultural Bank of China, Bank of China, Bank of Communications, and China Construction Bank.
Hu Wenming, chairman of CSSC, believed that the availability of fresh funds would aid the company in implementing its growth strategies, especially in securing more newbuilding deals from the higher margin offshore units segment.
The global shipbuilding slump, however, has already taken a toll on CSSC, which has warned of a possible net loss in the first half of this year after posting a 73.1% plunge in first quarter profit to RMB70.74m.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
