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China EximBank affirms interest in LNG newbuilds

China EximBank affirms interest in LNG newbuilds
The Export-Import Bank of China (China EximBank) has affirmed its interest in the financing of Chinese-built LNG newbuilds, following the completion of an eighth vessel under the bank’s portfolio.

Shanghai Hudong-Zhonghua Shipbuilding launched the new 174,000 cu m LNG carrier Cesi Tianjin valued at over $200m on Tuesday, a shipbuilding deal that was supported by China EximBank.

“China EximBank has already extended loan support to 14 Chinese-built LNG carriers, and Cesi Tianjin is the eighth unit so far,” China EximBank stated.

“The bank’s financing support in the LNG carrier segment will enhance and promote China’s capability in LNG shipbuilding on the global stage,” the bank added.

The LNG carrier Cesi Tianjin was ordered by the joint venture of Mitsui OSK Lines, Cosco Shipping and Sinopec. The vessel will sail under a long term charter contract to transport LNG that Sinopec will purchase from the Australia Pacific LNG Project.

China EximBank updated that since 2013, the bank has cumulatively financed a range of vessels with loans amounting to approximately RMB230bn ($35.3bn). Of the total, $22bn came under export buyers’ credit, facilitating the construction of 580 ships and offshore equipment with a total capacity of 53m dwt ordered by around 60 shipowners.

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