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China EximBank, SWS pen strategic cooperation

China EximBank, SWS pen strategic cooperation
The Export-Import Bank of China and Shanghai Waigaoqiao Shipbuilding (SWS) have entered into a strategic cooperation involving RMB18bn ($2.82bn) worth of credit facilities over a three-year period.

The two parties said that amid the difficult business environment of the shipping and shipbuilding markets, the latest strategic cooperation is in line with the national drive to reform the maritime sector, and will allow SWS to maintain healthy growth in operations.

China EximBank said it has been in close cooperation with SWS for more than 10 years, and supported the shipyard with close to RMB20bn worth of credit facilities. The latest RMB18bn deal this year was the single biggest deal to-date, aimed at helping the yard’s current venture into building bigger and higher specification ships.

SWS, subsidiary of China State Shipbuilding Corp (CSSC), delivered two 18,000 teu mega-sized containerships, the first of such giant boxships to be built in China.

China EximBank had supported SWS with a loan of $312m for the construction of three 18,000 teu built for France’s CMA CGM.