In the period July 2013 – July 2014 China Exim has approved $4.6bn in loans to vessel buyers supporting contracts at Chinese yards worth a total of $11bn, Xiang Li, senior credit officer, of China Exim told Marine Money Asia.
In line with government policy China Exim has focused on providing finance for high-end vessels and offshore newbuildings.
Xiang said that high-end vessels accounted for 80% of the bank’s portfolio in 2013 compared to 53% in 2012.
Deals he highlighted in 2013/14 included $1bn in financing for 51 OSVs order by Bourbon, $1.45bn for SBM and $588m for Sinopec, Mitsui OSK Lines and China Shipping Group for six LNG carriers.
By the end of 2014 China Exim’s portfolio was $14.5bn with 300 projects and 400 mortgaged vessels.
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