ICBC Signs Financing Deal with F.Laeisz
The Industrial and Commercial Bank of China (ICBC) has signed a financing agreement with Germany shipping company F.Laeisz GmbH.
Under the agreement, the ICBC will provide 65 million U.S. dollars in export buyer's credit for F.Laeisz GmbH's project of upgrading two vehicle ro-ro ships at COSCO Shipyard in Dalian.
This is another financing deal the ICBC signed with a Germany shipping company after it agreed to provide financing support for Peter Dohle last month.
An executive at the ICBC said shipping industry is highly cyclical and many Germany shipping companies have looked into Chinese market in the new prosperity cycle.
ICBC is a Chinese multinational banking company, and the largest bank in the world by total assets and by market capitalization. It is one of China's 'Big Four' state-owned commercial banks.
F.Laeisz GmbH was established in 1824 and is one of the oldest shipping companies in Germany. It has around 1200 crew on board and about 100 employees ashore. The fleet of about 40 vessels managed by us has a size of more than 1.7 mio. TDW.