The Import & Export Bank of China (China Exim Bank) on 23 September signed a deal with Teekay to provide USD1 billion in financial support for Teekay’s orders for high-end ships at major Chinese yards in the coming three years.
The deal is a move to promote the Implementation Plan (2013-2015) on Acceleration of Structural Adjustment and Upgrading in Shipbuilding Industry, which was issued by the state council, a source from Ship.sh told IHS Maritime. The source believed that the deal will encourage Teekay to place orders in Chinese yards in future.
China Exim Bank, a major financial institution for the Chinese shipbuilding sector, has signed an agreement to provide CNY5 billion (USD782 million) credit to finance six offshore platforms built at Xiamen Shipbuilding Industry on 21 September.
The bank, since its establishment in 1994, has provided more than CNY600 billion credit line to finance some 9,800 exported vessels with a total value of more than USD200 billion. In the past three years, the bank has been dedicated to promoting the upgrading to the shipbuilding sector in China by financing high-end ships, such as LNG carriers, eco-ships, and mega container vessels.