Bank Of China News

Bangladesh started in recent days a large crude oil receiving and offloading facility built by China that allows the south Asian oil importer to significantly reduce the cost of shipping in crude oil.The single-point mooring facility at Chattogram port last Sunday offloaded 82,000 tons (about 600,000 barrels) of crude oil from a 100,000-ton tanker, said an official with state-run Bangladesh Petroleum Corp (BPC).The project is majority-funded by the Chinese government and build by a unit of Chinese state oil major CNPC, said the BPC official who declined to be named as he's not authorized to sp

China will make port operations more efficient and hold more online trade fairs, among new measures to ease pressure on foreign trade, Vice Commerce Minister Wang Shouwen said on Wednesday. Export growth in the world’s second largest economy slowed to single digits in April, the weakest in almost two years, while imports stayed flat as strict COVID-19 curbs halted factory production and crimped domestic demand.Logistics efficiency has dropped, supply chains are not running smoothly and soaring raw material prices have put firms involved with international trade under pressure…

New York-headquartered tanker shipping company International Seaways, Inc. on Tuesday announced it has signed agreements with Ocean Yield ASA (“Ocean Yield”) for the refinancing of six vessels in sale leaseback transactions.The bareboat charter-in lease agreements for the six modern scrubber-fitted very large crude carriers (VLCC) Seaways Tybee, Seaways Triton, Seaways Cape Henry, Seaways Hendricks, Seaways Liberty, and Seaways Diamond Head are for a period of 10 years with purchase obligations at expiry.The transactions are expected to fund in early November 2021 and result in financing of approximately $375 million, which will be used to replace the current $228 million Sinosure facility, with the balance intended for general corporate purposes.

A Singapore court has approved a freeze on up to $3.5 billion of assets of the family behind collapsed Hin Leong Trading Pte Ltd, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world's biggest banks among its creditors.Hin Leong was wound up in March after failing in a year-long effort to restructure more than $3 billion in debts after the COVID-19-led oil crash laid bare huge losses. Founder Lim Oon Kuin admitted in a court document…

German shipping company Hapag-Lloyd has joined the shift to green financing, securing funds for six liquefied natural gas (LNG) powered, 23,500 TEU containerships it ordered in December 2020.The firm said it concluded two transactions according to the Green Loan Principles of the Loan Market Association (LMA), as verified by independent secondary party DNV GL, as the shipping industry increasingly turns toward financing linked to measurable sustainability targets."Our first green financings are a major milestone for us…

Belgium-based shipowner Exmar has settled a dispute over the charter of the Tango FLNG with Argentinian energy firm YPF, that will see the FLNG charter terminated in exchange for a settlement fee.To remind, YPF in June sent a force majeure notice to Exmar, saying it was not able to pay for the charter of the Tango FLNG unit due to the effect of the coronavirus pandemic. Exmar at the time said the notice was unlawful, adding it was considering the best option to defend its interest.On Monday, Exmar said it had reached a settlement agreement with YPF S.A.

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

Chinese steel futures hit their highest in nearly two months on Monday on signs of a recovery in demand, and as policymakers worldwide rolled out more stimulus measures to cushion global economies reeling from the coronavirus pandemic.The U.S. Federal Reserve cut interest rates by 100 basis points on Sunday, in line with a global policy effort to stave off a steep economic downturn as increasing lockdowns and travel bans hit businesses across the globe.The central bank of China on Friday cut the cash that banks must hold as reserves for the second time this year…

Global shipping holds its breath as the coronavirus continues to spread and generates massive economic and financial uncertainty.Two weeks ago, BIMCO argued that – from an economic perspective - when China sneezes, we all catch the flu. Since the SARS outbreak in 2003, the global economy has become much more interlinked with China and the Chinese economy has grown to become the second largest in the world.While hard facts and reliable data are in high demand, they are in short supply, nevertheless it’s time for a more thorough diagnosis on how this affects the global shipping industry.The coronavirus outbreak coincided with the Lunar New Year, which led to nation-wide extensions of the holiday. However, even with the passing of the holiday extensions, large parts of China remain closed.

Japanese shipping giant Mitsui O.S.K. Lines has signed its first green loan, which it plans to use to partially finance the construction of the world's largest liquefied natural gas bunkering vessel (LNGBV).The 18,600 cubic meters (cbm) LNGBV for Total will be owned and operated by MOL. Last year, Total and MOLsigned a long-term charter contract for a pioneer LNG bunker vessel.The loan is provided by BNP Paribas (BNPP) and the Export-Import Bank of China (CEXIM), with both banks acting as Mandated Lead Arrangers and BNPP acting as Sole Green Structuring Advisor. MOL obtained a second party opinion in respect of the loan from a third-party institute.Green Loans are used to raise funds for businesses aimed at protecting and improving the environment.

The European Investment Bank (EIB) on Monday formally agreed to provide 140 million euros (USD $154.5 million) to support expansion and upgrading of Piraeus Port, Greece's main port.The largest ever loan for port investment in the country by Europe’s long-term lending institution, will support the implementation of part of investments at the Port of Piraeus in a total investment plan of more than EUR 600 million. The 20-year loan was signed in Athens in the presence of Prime Minister of Greece Kyriakos Mitsotakis, Chinese President Xi Jinping and Xu Lirong, Chairman of COSCO Shipping Corporation, by Andrew McDowell, European Investment Bank Vice President, the Chairman of Piraeus Port Authority S.A.

The flag of the second 45,500 dwt bulk carrier, ordered by Navibulgar was hoisted in the Chinese Shipyard Jiangsu New Yangzi Shipbuilding Co. Ltd.The godmother Mrs. Wang Xiaoying - Deputy General Director, Operational Department of Export Import Bank of China named the newly built vessel “Midjur” and wished her happy sailing.The naming ceremony in the Chinese Shipyard is part of the celebration events of the 70th anniversary of the establishment of diplomatic relations between China and Bulgaria.Officials included the Deputy Minister of Transport, Information Technology and Communications Velik Zanchev, Grigor Porojanov - Ambassador Extraordinary and Plenipotentiary of the Republic of Bulgaria to the People's Republic of China…

Chinese Shipyard Jiangsu New Yangzi Shipbuilding Co. Ltd. Was hoisted the flag of the first 45,500 dwt bulk carrier, ordered by Navibulgar.The godmother Mrs. Zhang Yingchun - Deputy General Manager, Operational Department of Export Import Bank of China gave to the newly built vessel the name Plana and wished her happy sailing.The party was joined by the CEO of Navibulgar Capt. Alexander Kalchev and other Company managers. First Master of the vessel is Capt. Gancho Hristov, and first chief engineer – eng. Dimitar Ganchev.Mv Plana is the first vessel from the project Bluetech 45, development of the successful project Bluetech 42, based…

Danish tanker shipping company Maersk Product Tankers has just entered a sale-and-leaseback agreement for four medium range (MR) vessels with the Chinese bank, Industrial and Commercial Bank of China (ICBC).The four ships were built in 2015 and 2016 and will be chartered back to Maersk Product Tankers on ten-year bareboat contracts. The company will retain options for the vessels and will still undertake the commercial and technical management for the vessels.“The agreement will increase financial flexibility and strengthen the financial position of Maersk Product Tankers,” says Morten Mosegaard, Chief Financial Officer at Maersk Product Tankers.Maersk Product Tankers continues to hold a strong balance sheet.

Singapore’s containership operator Pacific International Lines (PIL) collaborates with IBM Singapore in another blockchain trial to design and create an electronic bill of lading which will significantly enhance the documentation process in supply chain management.The PIL-IBM collaboration was supported by Maritime and Port Authority of Singapore, Singapore Shipping Association, Infocomm Media Development Authority, Singapore Customs (National Trade Platform), and Bank of China Limited Singapore Branch (BOC).A Bill of Lading is the crucial piece of documentation in the facilitation of international trade as it contains legal and commercial information such as: Evidence of contract of carriage…

US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co. International…

Prosafe has extended a standstill agreement with COSCO Shipping (Qidong) Offshore Co. Ltd in China for two harsh environment semi-submersible accommodation units, Safe Nova and Safe Vega.The standstill agreement has been extended until May 21, 2018 as Prosafe continues negotiations with COSCO and related parties for a workable commercial solution for the two units.A third unit, Safe Eurus, is in a preserved, strategic stacking mode and negotiations continue with COSCO to find a workable commercial solution.If no agreement is reached, Prosafe has the right to claim cancellation of the newbuild contracts due to delay, and claim repayment of the instalments paid including interest of approximately $60 million in total…

Shandong-based Qingdao Beihai Shipbuilding Heavy Industry Co, a subsidiary of Wuchang Shipbuilding Industry Group Co, delivered a very large ore carrier (VLOC) to Brazilian miner Vale SA, said Chinese state media. China Daily said that the ship, named Ore Tianjin, has 400,000 metric tons' carrying capacity and is the first VLOC the group has made for Industrial and Commercial Bank of China Leasing. Aiming to reduce the shipping cost by increasing capacity and enhance the operator's global competitive edge, the ship has a loading capacity equivalent to 6,666 regular freight train cabins, it said. The vessel uses 20 percent less fuel than first-generation VLOCs, slashes transport costs for iron ore by 30 percent and can be loaded much quicker than its predecessors.

China’s central bank on Thursday issued guidelines to strengthen financial services for maritime sector development, part of China’s efforts to build the country into a maritime power. China will support maritime firms to raise funds through capital markets, according to the statement jointly issued by eight government agencies, including the People’s Bank of China and State Oceanic Administration. China will also accelerate development of maritime related insurance and encourage insurance funds to increase investment in the maritime sector.

The offer by Cosco Shipping International (Singapore) Co. to acquire all the issued ordinary shares of Cogent Holdings has turned unconditional. The former had launched a cash buyout of the latter recently. Bank of China (Singapore Branch), acting on behalf of Cosco Shipping International, says , the offeror has received valid acceptances representing 440.5 million shares or 92.05% of Cogent. "BOC wishes to announce that the Offeror has received valid acceptances (which have not been withdrawn) in respect of such number of Shares which, when taken together with Shares owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it (either before or during the Offer…

In Orient Overseas (International) Ltd (OOCL)’s series of six ‘G Class’ containerships on order at the Samsung Heavy Industry (SHI) shipyard, we are pleased to introduce the newest and fifth 21,413 TEU containership, named the OOCL Scandinavia, into our fleet of world trade ambassadors. The OOCL Scandinavia will be joining her sister vessels on our LL1 service, linking major markets in China and Northern Europe together. In commemoration of this milestone at OOCL, we are very honored that Mr. Yue Yi, Vice Chairman, Executive Director and Chief Executive of the Bank of China (Hong Kong) Ltd, was able to join us as our Guest of Honor and witness the christening of the vessel.

On his visit to China, President Trump reaffirmed his commitment to form agreements that reduce the trade deficit with China by signing a deal to help the LNG industry in Alaska with three Chinese companies. The deal, which could be potentially worth $43 billion, involves Sinopec, the largest oil company in China, the sovereign wealth fund and one of China's largest bank. will work together to create 12,000 jobs in Alaska. The deal has the potential to reduce the US-China trade deficit  by $10 billion a year.

Diana Shipping has taken delivery of the m/v San Francisco (formerly Hull No. H2548)  and the m/v Newport News (formerly Hull No. H2549), two new building Newcastlemax dry bulk vessels that were contracted in May 2013. The m/v San Francisco has been time chartered to Koch Shipping Pte. Ltd. at a rate of $11,750 per day, for a period of minimum twelve (12) months to about sixteen (16) months. The charter is expected to commence on January 6, 2017. The employment is expected to generate approximate $4.2 million in gross revenues. The m/v Newport News has been time chartered to SwissMarine Services with employment expected to commence on Jan. 9, for a period of minimum twenty-two (22) months to maximum twenty-six (26) months.