The Export-Import Bank of China (CEXIM) turned out to have signed several agreements as a credit loan project worth $4bn in total with many companies in Hong Kong and Singapore to drive overseas and domestic owners in placing orders for high-value added vessels at Chinese yards.

According to a scheme, CEXIM entered into $1bn worth of a framework agreement for cooperation with CSSC-affiliated CSSC Shipping (Hong Kong) and sealed another framework contract for a loan worth $1bn with Orient Overseas (International) Limited. In addition, CEXIM inked a framework agreement for ship financing worth $1.5bn with China Merchants Group while putting pens on a memorandum worth $517m for a project to order ten VLCCs with China Merchants Energy Shipping. Lastly, it also entered into a framework agreement for cooperation with Balage international firm.

Moreover, CEXIM signed a contract for syndicate loan worth $104m in total with DBS Bank and PACIFIC INTERNATIONAL LINES of Singapore, which supports newbuilding projects including two 3,900 teu boxships PACIFIC INTERNATIONAL placed at Dalian Shipbuilding Industry (DSIC) and two 27,000 dwt multi-purpose vessels placed at Taizhou Kouan Shipbuilding.

Furthermore, CEXIM also signed a memorandum for $152m loan to be put into a project for two 400ft jack-up drilling platforms with KS Energy Limited.

An industry player in China said over CEXIM’s large framework agreement and memorandum that it will not only contribute to Chinese yards to win high-value added ships but also stimulate overall restructuring and industrial upgrade.