China Eximbank News

Ivory Coast began construction on Tuesday of a four-year, 560 billion CFA franc ($962 million) project to build a second container terminal and widen the canal leading to its main port in the commercial capital Abidjan. Among the busiest in sub-Saharan Africa, the port serves Ivory Coast, French-speaking West Africa's largest economy and the world's top cocoa producer, and is also a gateway for landlocked nations to the north. China Harbour Engineering Co Ltd was awarded the construction contracts for both projects with the bulk of the cost covered by a loan from China's Eximbank. Construction of the new container terminal, which will be managed by consortium led by France's Bollore, will last 48 months and cost 409 billion CFA francs.

China Eximbank has loaned Ivory Coast $875 million (approx.) for the construction of a second container terminal at Abidjan port, noted the port's  General Director. Ivory Coast plans to increase capacity at the port in its economic capital Abidjan, one of the busiest in Africa. The port serves as a gateway for landlocked nations to the north and a transit point for beans from the world's top cocoa grower. "The total cost of the project is about $875 mil," Hien Yacouba Sie told a news conference. "The financing has been concluded with China Eximbank," Sie said, adding that construction would include the enlargement of the Vridi canal, the construction of the second container terminal and a roll on/roll off terminal.

China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. In a raft of energy, finance and industry accords signed before presidents Xi Jinping and Dilma Rousseff, the two nations agreed to join forces to build railways to help Brazil cut its infrastructure deficit and feed China's appetite for commodities. Trade between China and Brazil soared to $83.3 billion last year from $3.2 billion in 2002, with iron ore, soy and oil making up the bulk of Brazilian exports, making China the South American nation's biggest trade partner.

Shanghai Shipyard Chairman Gu Tiquan presided at the launch of the Josefa, the last of the 35,000-ton carriers, accompanied by the Cuban ambassador in Beijing, Alberto Blanco, reports The Cuba Standard. Neither of the two sides has revealed the financial terms of the order by Cuba’s Empresa Importadora General del Transporte (EIGT), on behalf of Grupo Acemex, with Chinese state company China National Machinery Import & Export Corporation (CMC). The purchases are financed by China’s Eximbank. According to observers, the order for 10 35,000-ton handymax vessels is worth at least $250 million.

The Export-Import Bank of China (Eximbank) joins hands with China Classification Society (CCS) to support the country's shipping industry. China Eximbank and CCS agree to conduct more cooperation in future on financing services, technical risks hedging and prevention, shipping and maritime information sharing and talents training. The signing of this agreement in Beijing signalled a joint and effort by both sides to make full play of their strength to promote the development of China’s shipping, shipbuilding and related sectors with a view to establish Chinese national brands on the global market. Founded in 1956, China Classification Society (CCS) is the only specialized organization of China to provide classification services.

China’s shift towards a domestic consumer demand-oriented economy could provide a significant boost to the global shipping industry, as the world’s second largest economy targets more sustainable growth. “2013 will be another peak year of new vessel deliveries. Oversupply of capacity is still an obstacle for the shipping industry to overcome, but with the improvement of the world economy, the shipping sector is expected to experience moderate growth,” said Mr Xu Lirong, President of China Shipping (Group) Company. Mr Xu will examine this key issue affecting China, and the nation’s pivotal position in the international maritime arena, in a conference summit at Sea Asia, the region’s leading maritime event, in Singapore next April.

On May 16 Diana Shipping Inc. (NYSE:DSX) took delivery of the newly-built m/v "Philadelphia", a Newcastlemax dry bulk carrier of 206,040 dwt that was contracted in April 2010. As previously announced, the m/v "Philadelphia" is chartered to EDF Trading Ltd., London, at a gross rate of $18,000 per day, minus a 5% commission paid to third parties, for a minimum forty-four (44) to a maximum fifty (50) month period. The charter commenced yesterday. This employment is anticipated to generate approximately $23.76 million of gross revenue for the minimum scheduled period of the charter. The Company also announced that through one of its wholly owned subsidiaries…

Setting sail again, a newly built replica of the Jeanie Johnston, the Irish emigrant ship that rescued thousands from the Great Famine, will voyage from Ireland to North America and visit cities this summer and fall throughout the U.S. The eight-month tour, with stopovers in 23 U.S. and Canadian cities, is expected to arrive mid-June in Washington, D.C. and will be greeted by President Bill Clinton. The ship will then join more than 200 tall ships, 500 U.S. and foreign naval vessels and 50 to 70 thousand spectator crafts from all over the world in New York Harbor's OpSail 2000 Parade of Sail, the largest maritime event in world history.