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. SWS builds Bulk Carriers, Oil Tankers and Container Ships.
Earlier this month, SWS delivered 180,000dwt bulk carriers to ship-owners Frontline and Thenamaris, and a 318,000dwt VLCC to China Merchants Energy Shipping Company. SCH also delivered two 83,000cbm very large gas carriers (VLGCs) to Frontline at the start of the year.
Meanwhile, the Export-Import Bank of China has also backed the construction of six new ships for Bangladesh Shipping Corporation (BSC) with a loan of $185m.