Commercial Bank Of China News

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…

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…

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.

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.

Brazil's Vale SA said it has sold three of its giant "Valemax" iron ore ships to a group led by Industrial and Commercial Bank of China, continuing efforts to unload assets to cut debt and focus investment on its main mining activities. Vale will receive $269 million for the ships when they are delivered to the Chinese-led group, likely in August, Vale said in a statement late on Thursday. Vale said it was also seeking to sell other Valemax ships. The vessels, also known as Very Large Ore Carriers (VLOC's) are about 300 meters (984 feet) long and carry up to 400,000 deadweight tonnes, making them some the largest ships afloat. (Reporting by Jeb Blount; Editing by Sandra Maler)

Antwerp Port Authority today made a partnership agreement with the Industrial and Commercial Bank of China (ICBC). The Memorandum of Understanding was signed last week at the official opening of the ICBC’s Antwerp branch in Brasschaat Castle. Until now ICBC only had an office in Brussels, but the bank, the world’s N° 1 in terms of assets and market capitalisation, is expanding its presence in Belgium. With this agreement the Port Authority and ICBC plan to seek new opportunities that match the One Belt One Road strategic plan launched by China in autumn 2013. With this project China aims to link its main industrial cities more closely to commercial centres elsewhere in Asia, the Middle East and Europe.

Brazilian iron ore miner Vale SA said late on Tuesday in a filing it had completed the sale of four very large ore carriers (VLOC), also known as Valemax class ships, to a consortium lead by ICBC Financial Leasing. ICBC is a subsidiary of the Industrial and Commercial Bank of China Limited. The deal was valued at $423 million and the resources were transferred to Vale on Tuesday. Each VLOC has the capacity to carry 400,000 tonnes of ore. Reporting by Reese Ewing

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.

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.

A Chinese court has ordered a unit of debt-laden dry bulk goods shipper Chang Jiang Shipping Group Phoenix Co Ltd to liquidate its assets, displaying further evidence of the troubles faced by the country's beleaguered shippers. The unit, whose Chinese name is translated as Chang Jiang Jiaotong Keji, is unable to pay its debt or stay solvent, prompting three of its creditors to apply to the Wuhan intermediate court to liquidate its assets, Chang Jiang Shipping said in a filing on the Shenzhen stock exchange. The unit, in which Chang Jiang Shipping owns an 89 percent stake, has ceased to operate. China's shipping sector has been plagued by overcapacity since the global financial crisis because new vessels ordered before the downturn have flooded the market.

A Chinese court has ordered a unit of debt-laden dry bulk goods shipper Chang Jiang Shipping Group Phoenix Co. Ltd. to liquidate its assets, displaying further evidence of the troubles faced by the country's beleaguered shippers. The unit, whose Chinese name is translated as Chang Jiang Jiaotong Keji, is unable to pay its debt or stay solvent, prompting three of its creditors to apply to the Wuhan intermediate court to liquidate its assets, Chang Jiang Shipping said in a filing on the Shenzhen stock exchange. The unit, in which Chang Jiang Shipping owns an 89 percent stake, has ceased to operate. China's shipping sector has been plagued by overcapacity since the global financial crisis because new vessels ordered before the downturn have flooded the market.

International law firm Watson, Farley & Williams Asia Practice LLP (WFW) said it advised a joint venture involving M3nergy and PT Transamudra as sponsors on a $182 million term facility and $38.4 million guarantee facility. The funds will finance the floating production, storage and offloading facility named FPSO Ratu Nusantara. The FPSO Ratu Nusantara is scheduled for operation by Petronas Carigali in the Bukit Tua oil and gas field in the Ketapang block, offshore Madura Island, East Java, Indonesia. Partner Andrew Nimmo led the WFW Asia Practice team for this deal, assisted by senior associate Shawn Er. M3nergy is an emerging exploration and production company headquartered in Malaysia.

Sinopacific Shipbuilding Group, Leading the Supramax Bulk Carrier Market, Secures Order for 4+2 Crown 63 Ships. Sinopacific Shipbuilding Group secured an order for 4+2 Crown 63 (63,500 DWT) Supramax bulk carriers from a foreign ship owner on October 8. The Crown 63 is a new generation bulk carrier which is self designed by Sinopacific Shipbuilding Group. This ship became the focus of attention from around the shipping world as soon as it was introduced on the market, and many orders were quickly received for it.