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SWS lands $296m worth of credit facilitiesSWS lands $296m worth of credit facilities

Shanghai Waigaoqiao Shipbuilding (SWS) has secured RMB2bn ($296m) worth of credit facilities from a consortium of three lenders, led by Zhong Chuan Finance Co (ZCFC), a unit of China State Shipbuilding Corp (CSSC).

Lee Hong Liang, Asia Correspondent

November 3, 2016

1 Min Read
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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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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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