THE Export-Import Bank of China, or China Eximbank, has decided to expand ship financing for Chinese shipowners from the current 10 per cent to 33 per cent over the next two years, according to Chinese Shipping news.

This move is to support Chinese shipyards as newbuilding orders from Chinese shipowners are rising, accounting for 50 per cent of overall customers currently.

China Eximbank's loan range for the shipping finance is at present about CNY6 billion (US$900 million) level but it is increasing about 20 per cent a year.

Chinese shipowners renew and expand their fleet with secondhand vessels through their own funds. So the demand for ship financing was not high. But this has been changed as more Chinese shipowners are placing more newbuilding orders now.
(Source:www.schednet.com)