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China, Taiwan banks extend shipbuilding loan to US firm

China, Taiwan banks extend shipbuilding loan to US firm
The Export-Import Bank of China and Taiwan’s First Commercial Bank have jointly agreed to extend shipbuilding loans to US firm Foremost Group relating to the construction of two 180,000 dwt bulk carriers in China.

The two eco-friendly bulk carriers are being built at Qingdao Beihai Shipbuilding Heavy Industry, subsidiary of China Shipbuilding Industry Corporation (CSIC), according to an announcement made on China EximBank’s website.

The New York branch of First Commercial Bank and the Beijing branch of China EximBank will each offer loans of $37.5m over a seven-year period for Foremost Group, a New York-based shipping and trading firm.

China EximBank said this is the first time that financial institutions of China and Taiwan have come together on a ship financing deal.