SWS lands $296m worth of credit facilities

SWS, also a unit of CSSC, penned the loan agreement with the lenders on Wednesday. The credit facilities can be drawn upon over a three-year period.

Apart from ZCFC, the two other lenders are Shanghai Pudong Development Bank and Industrial Bank Co Shanghai branch.

Guan Jianli, deputy general manager of ZCFC, pointed out that SWS carries a national responsibility particularly over the construction of the country’s first large cruise ship of 133,500 gross tonnes.

Wang Qize, director of SWS, said the shipyard is currently pushing ahead with reform plans amidst the shipbuilding industry crisis, and focusing on sharpening technology and constructing higher value ships.

CSSC announced earlier that the industry slump has led to SWS facing severe lack of work especially on the commercial shipbuilding segment.

Separately in May this year, SWS inked a strategic cooperation agreement with China Construction Bank’s Shanghai branch for it to support the shipbuilder with a suite of financial services.

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