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Export Import Bank Of China News

08 Dec 2023

Bangladesh Puts to use China-built Crude Oil Offloading Facility

Copyright andriano_cz/AdobeStock

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

26 Oct 2021

International Seaways Refinances Six Tankers

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.

23 Dec 2019

MOL Secures Green Loan for LNGBV

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.

25 Sep 2019

Navibulgar Christens New Bulk Carrier

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…

16 Sep 2019

Jiangsu Builds Bulker for Navibulgar

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…

14 Jun 2018

International Seaways Completes Acquisition of Six Euronav VLCCs

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…

04 Jan 2017

Newcastlemax Duo Joins Diana Shipping’s Fleet

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.

26 Dec 2016

Diana Shipping Gets Refund Guarantee Payment

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that in connection with the previously announced cancellation of a shipbuilding contract for a Kamsarmax dry bulk carrier, Hull No. DY6006, with an original delivery date of May 31, 2016, the Company received yesterday a refund payment of approximately US$9.4 million. The refund payment to the Company was made under the Refund Guarantee from the Export-Import Bank of China and reflects a refund of the first and second installment payments under the shipbuilding contract. The refund amount constitutes the repayment of all monies paid by the Company in connection with the cancelled shipbuilding contract, together with interest thereon.

04 Nov 2016

Diana Shipping Abandons Kamsarmax Order

Diana Shipping Inc. today announced that, through a wholly-owned subsidiary, it provided a notice of cancellation of the shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Shanghai Sinopacific International Trade Co., Ltd., dated January 8, 2014 (the “Contract”), and Addendum No. 1 to the Contract dated April 21, 2014 with Sumec Marine Co., Ltd. with respect to a Kamsarmax dry bulk carrier, Hull No. DY6006, with an original delivery date of May 31, 2016. The Company has exercised its right under the Contract to cancel the Contract due to a delay in delivery of 150 days after the original delivery date and to claim…

22 Aug 2016

A Shipyard Grows in Trinidad & Tobago

Spurred by Panama Canal Expansion and U.S. As Trinidad and Tobago seeks to diversify its economy, it is banking on a massive shipyard construction project as the centerpiece of a maritime industry and economic revival. A Trinidad and Tobago Parliamentary debate earlier this year centered on the Motion, ‘Increase of Loan Ceiling under The Development Loans Act.’ One diversification strategy involves the country’s thrust into the development and expansion of the maritime sectors, particularly Shipbuilding and Repair.

16 Aug 2016

Yamal LNG Project Received €780 Mln in Chinese Loans in July

Photo: Novatek

The Novatek-led Yamal LNG project in Russia received financing in July worth about 780 million euros from China Development Bank and Export-Import Bank of China, according to Yamal's accounting report published on Tuesday. The 15-year loan deals, of 9.3 billion euros and 9.8 billion yuan ($1.48 billion), were signed by the two Chinese financial institutions in late April. The latest disbursement follows the first chunk of 450 million euros Yamal received in late July. Before receiving the financing from the Chinese banks…

08 Jul 2016

TORM Secures Financing for LR2 Newbuilds

TORM said it has entered into a financing agreement for the four LR2 newbuildings to be delivered in 2017 and 2018. The vessels are all in the LR2 class, i.e. of a size of approximately 114,000 dwt.   The financing agreement for an amount of up to $115 million has been concluded with The Export-Import Bank of China and runs for 12 years. The main conditions of the agreement are in line with the Company's existing loan agreements. The financing agreement was signed at a ceremony today at TORM's premises in Hellerup.   As of June 30, 2016, the remaining investments in TORM's newbuilding program amounted to $168 million. With the recent agreement, TORM's unutilized loan facilities and cash amount to $307 million.

09 Jan 2016

Diana Shipping Signs US$75.7 mln Term Loan Facility

Diana Shipping Inc. announced that yesterday it signed, through three separate wholly-owned subsidiaries, a term loan facility for up to US$75,734,900 with The Export-Import Bank of China. The purpose of this facility is to partially finance, after delivery, the acquisition cost of two new-building Newcastlemax dry bulk vessels of approximately 208,500 dwt each and one new-building Kamsarmax dry bulk vessel of approximately 82,000 dwt. The signing of the relevant shipbuilding contracts was announced by the Company on May 21, 2013 and January 8, 2014, respectively. Based on latest information received from the yards, the one new-building…

27 Oct 2015

Billion-dollar MoU for Shipping Finance

On October 26, 2015 in the presence of President Xi Jinping and King Willem-Alexander of the Netherlands, ING Bank NV and The Export-Import Bank of China signed a three year Memorandum of Understanding (MOU). The objective of the MOU is to further strengthen the cooperation between the two parties in the financing of Chinese built ships, both new and second hand, as well as selected offshore projects for a total amount of $1 billion, ING said. Stephen Fewster, Global Head of Shipping Finance ING Bank said, “We are very pleased with this next step in building a deeper relationship with The Eximbank of China. China is one of the leading nations in the shipbuilding industry and many of our clients own Chinese built ships.

13 Oct 2015

Insights: Matthew Paxton, SCA President

Matthew Paxton is President of the Shipbuilders Council of America (SCA), and a partner at the law firm of Adams and Reese. SCA is the national trade association representing 41 companies that own and operate more than 120 shipyard facilities on all three U.S. coasts, the Great Lakes, inland waterways system, Alaska and Hawaii. SCA also represents 97 partner members that provide goods and services to the shipyard industry. Paxton, who has been practicing law since 2001, focuses his practice on maritime law and policy, fisheries law, natural resources development, and environmental policy issues. In addition to the SCA presidency in which…

30 Sep 2015

Teekay Secures $1bln from Chinese Bank

Teekay Corporation announced today it has entered into a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities. The loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd., to finance the construction or conversion of vessels from shipyards in China over the next three years. “We are very pleased to announce the signing of this framework agreement in Beijing, China as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group,” said Vince Lok, Teekay Corporation's Executive Vice President and Chief Financial Officer.

17 Sep 2015

China Exim Bank Backs Seaspan

Seaspan Corporation has lined-up a $1bn worth of export credit facilities with the Export-Import Bank of China (CEXIM). Seaspan has signed a Framework Cooperation Agreement with the Export-Import Bank of China (CEXIM) for a total of up to $1 billion in export credit facilities. The credit facilities would be made available to Seaspan for the purchase and construction of vessels from shipyards in China within the next three years. Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan commented, "We appreciate the strong support Seaspan continues to receive from leading banks around the world. "With the signing of this Framework Cooperation Agreement, we expect to be able to enhance our financial flexibility and increase our access to growth capital.

30 Jun 2015

CMA CGM, Chinese Bank in Finance Deal

French container shipping group CMA CGM said on Tuesday it will sign a $1 billion financing agreement with the Export-Import Bank of China. Marseilles-based CMA CGM said in a statement that the agreement, to be signed on Wednesday during a visit by Chinese Premier Li Keqiang to its headquarters, provided for loans and guarantees for ship and container orders from China as well as strategic investments. CMA CGM, the world's third-largest container shipping firm,  said it would also sign an agreement with China Merchants (CMHI) to look at joint investments in the country's so-called "One Belt, One Road" initiative to create a network of infrastructure to boost trade. Reporting by Leigh Thomas

01 Jul 2015

Chinese PM Inks 2 Agreements During CMA CGM Visit

Chinese Prime Minister LI Keqiang (left) with Jacques R. SaadĂŠ, Founder, Chairman and Chief Executive Officer of CMA CGM (Photo: CMA CGM)

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced. Chinese Prime Minister Li Keqiang was accompanied by France Minister of Foreign Affairs Laurent Fabius, the Minister of State for Foreign Trade Matthias Fekl and an important Chinese ministerial delegation during this visit. This delegation included the Chinese Foreign Affairs Minister Yi Wang…

19 Jan 2015

COSCO Gets $1.75 bln Loan to Buy Ships

China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , said the ships would include oil tankers, container ships and dry-bulk vessels, which would help replace 100 vessels the firm has scrapped in the last two years. It said the agreement with China Export-Import Bank was signed on Friday. Reporting by Brenda Goh

24 Jan 2015

China's COSCO Group Returns to Profit

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809.26 million) last year, said Ma Zehua, according to the official Xinhua news agency. Operating revenues were up 2 percent year-on-year, said Xinhua without providing a figure, while COSCO's asset to liability ratio fell 4.4 percentage points to 55.4 percent at the end of 2014. COSCO is now targeting annual profitability of between 4 and 5.5 percent by 2020, said Xinhua. On Monday, the group said it had received a $1.75 billion loan from the Export-Import Bank of China with which to buy 53 new ships.

27 Jan 2015

China Exim Bank, SWS Sign $312m Financing Deal

Shanghai Waigaoqiao Shipbuilding  (SWS), a  yard owned by the industrial conglomerate China State Shipbuilding Corp (CSSC), has secured a US$312million loan from the Export-Import Bank of China to build three 18,000 teu containerships. The deal marks the first time that SWS will be building large containerships of 18,000 teu in capacity. The new buildings will be deployed on the main Asia-Europe trading lanes and the charterer is one of the world’s top three biggest lines, according to CSSC. Founded in 1999, SWS is a wholly owned subsidiary of China CSSC Holding Ltd., a publicly listed company controlled by China State Shipbuilding Corporation (CSSC). The main business of SWS covers design, construction and repair of marine vessels and offshore products.

06 Feb 2015

China's $40b Maritime Silk Road Shaping Up

China's $40 billion fund to finance its most ambitious global plan - the Silk Roads and Maritime Silk Road is moving forward steadily as its management team has taken shape. China has appointed top officials to manage the fund. A team headed by Wang Yanzhi, an official with China's foreign exchange regulator, has been formed to formally operate the fund. People's Bank of China (PBOC) assistant governor Jin Qi will be the fund's chief executive and Zhu Surong, governor of PBOC's Urumqi branch in Xinjiang, has been appointed board member of the fund. The fund was announced by President Xi Jinping last year to build major infrastructure projects aimed to enhance its strategic influence and blunt the US' big push into Asia-Pacific.